Norwegian Wealth Fund Invested a Record $1.6 Billion in Turkey

Norway’s sovereign wealth fund (Government Pension Fund Global, GPFG) continues to expand its investments in the Turkish economy. As of the end of 2024, the fund’s investments in Turkish company stocks reached a record $1.6 billion. This marks a new phase of the fund's expansion in the region.

GPFG is one of the largest investment funds in the world, managed by Norway’s Central Bank (Norges Bank). The fund was established to efficiently manage the country's revenues from the oil and gas sector and ensure Norway’s long-term financial stability. GPFG actively invests in international markets, including stocks, bonds, and real estate, to diversify assets and generate sustainable income.

In 2024, the fund invested in 44 Turkish companies spanning key economic sectors:

• Energy
• Transportation
• Chemical industry
• Automotive industry
• Steel industry
• Software development

Largest investment positions:

• Koç Holding – $115.6 million (0.90% of shares)
• Akbank – $113.53 million
• BİM – $111.38 million
• Turkish Airlines – $82.96 million
• Turkcell – $77.42 million
• MLP Sağlık Hizmetleri AS – $63.97 million (3.10% of shares)
• Aksa Akrilik Kimya Sanayisi – $42.64 million (3% of shares)
• İş Investment – $62.30 million (3% of shares)
• Tüpraş and Astor Enerji (energy) – $90 million

Investment growth dynamics:

• 2021 – $485 million
• 2022 – $1.2 billion
• 2023 – $1.3 billion
• 2024 – $1.6 billion

The increase in GPFG’s investments reflects a high level of trust in the Turkish market. In recent years, Turkey has attracted foreign investors due to its industrial growth, digital technology advancements, and stable demand in key sectors. The expansion of investments in Turkish companies confirms the market’s potential and significance for international investment players.