Turkish Oyak, French Renault extend partnership

ISTANBUL: Turkey’s Oyak and French automotive producer Renault Group signed an agreement in France to extend their partnership for 27 years.

The agreement was signed by Suleyman Savas Erdem, the general manager of Oyak, and Thierry Bollore, the chief operating officer of Renault Group on June 26.

With no changes on the shares distribution between the shareholders, the signed agreement aimed to cover industrial and commercial activities and common goals of both parties in Turkey.

Noting that the new agreement will provide significant added value to our country's economy, Erdem said "Automotive is the leading sector with a share of 21 percent of total export volume, which is about $150 billion.”

"We believe in the future of Turkey and we will continue our investments without deceleration," Erdem added.

He also added that Oyak-Renault joint venture is in the first place in automobile exports with 288,000 units.

Bollore, for his part, said the renewal of the agreement opens a new page in the company's history in Turkey.

"Turkey is Renault Group's 6th largest global market and we rank first in passenger car exports in Turkey," he added.