May 9, 2025 – Amidst the profound realignment of global supply chains, the industrial landscape of Turkey has witnessed a major investment breakthrough. On April 28, Rönesans Holding, a renowned European contracting and investment group, announced the initiation of a polypropylene (PP) production plant and liquid bulk terminal project in Ceyhan, Turkey. This strategic endeavor, with a colossal investment of $2 billion, stands as one of the largest private – sector investments in Turkey’s history, aiming to bolster the country’s industrial self – sufficiency and reshape its position in global trade.
Dr. Erman Ilıcak, Honorary President of Rönesans Holding, revealed that once operational, these projects will contribute directly to reducing Turkey’s current account deficit by $300 million annually. Notably, the group has secured $1.3 billion in financing from the U.S. International Development Finance Corporation (DFC) and the Spanish export credit agency (CESCE), which, as AsiaMB has learned, will play a crucial role in key aspects such as equipment procurement and technology importation.
Reflecting on the group’s development journey, Dr. Ilıcak stated that Rönesans Holding started with international contracting services and has overseen projects worth a total of $50 billion, with 70% of them implemented overseas. The group has created numerous “world – first” engineering feats. Today, it has transformed into a diversified investment holding company, with businesses spanning real estate, renewable energy, and other sectors. Over the past 15 years, supported by institutions like the IFC of the World Bank and the European Bank for Reconstruction and Development, the group has remained committed to sustainable development goals. Regarding the Ceyhan project, Dr. Ilıcak emphasized that with the rise of protectionism and the acceleration of supply chain localization globally, Turkey urgently needs to increase heavy industry investment to narrow its trade deficit. He pointed out that Turkey requires an annual investment of $12 billion in industrial construction over the next five years to achieve a $15 billion annual GDP growth and a $10 billion reduction in the foreign trade deficit. The current $2 – billion investment precisely responds to this strategic need.
The Ceyhan project notably integrates expertise from 12 countries. Dr. Ilıcak shared that the group adheres to the philosophy of “developing the right projects with the right partners at the right time.” Having previously collaborated with international powerhouses such as Singapore’s sovereign wealth fund GIC and France’s Meridiam Infrastructure, Rönesans Holding has completed $10 billion in investments in Turkey. The international cooperation model of this project not only ensures the advancement of technology and management but also introduces cutting – edge industrial standards to Turkey.
When discussing international cooperation, Dr. Ilıcak highlighted the group’s experiences working with the European Bank for Reconstruction and Development and the International Finance Corporation. He noted that these institutions prioritize the social benefits of projects over mere profitability, an alignment that suits the group’s long – term development philosophy. In recent years, as Turkey’s diplomatic relations with Central Asian and African countries have flourished, Rönesans Holding has actively responded by attracting foreign investment for project construction. This approach helps avoid over – consuming domestic resources, promotes Turkey’s industrialization process, and facilitates the transformation of diplomatic achievements into trade advantages, thereby enhancing both the country’s economic strength and international influence.