Plan to invest US$20m in Turkey plant

They pointed out that this is the same route taken by IOI Corp Bhd nearly a decade ago when it bought Unilever group's specialty oils and fats division for RM814 million, a move which gave it an instant market presence and manufacturing facilities in Europe, North America and Latin America. "Targetting Turkey is a good move, as it is a growing economy, and there is also a possibility of the country being a member of the European Union," said Pong Teng Siew, the head of research of Jupiter Securities. For the first six months of this year, the Turkish economy has grown by as much as 10 per cent, making it the fastest growing economy in the world. With this in mind, Sahin outlined a plan to beef up the operations in Turkey. He said FIGS plans to invest as much as US$20 million (RM62.2 million) at its plant in Izmir, to strengthen its palm oil fats production capabilities. "We expect to recoup the investment in five years' time," said Sahin. He said the plant in Izmir has a soft oil production capacity of 150 tonnes a day, which should double with the investment. "By 2012, the facility for the palm oil fats will also be up and running."