Turkey in Advanced Talks with Chinese Car Maker Chery

Turkey is close to finalizing an investment agreement with Chinese car maker Chery. This follows an earlier deal with China's BYD to build a $1 billion production plant in Turkey. President Erdogan and Chery International President Guibing Zhang recently discussed the potential investment at an Istanbul event.

Turkey is on the brink of securing a new investment from Chinese car manufacturer Chery, according to a Turkish official who preferred to remain anonymous. This development comes on the heels of a $1 billion investment agreement with China's BYD earlier this year.

Last July, Ankara announced that BYD would set up a $1 billion production plant in Turkey, with an annual capacity of 150,000 vehicles. This move is part of Turkey's broader strategy to strengthen ties with Chinese automakers.

On Saturday, Turkish President Tayyip Erdogan met with Chery International President Guibing Zhang during an investment event in Istanbul, with the talks also attended by Industry and Technology Minister Mehmet Fatih Kacir.

(With inputs from agencies.)