Volkswagen pauses $1.4 billion investment in TurkeyOctober 15, 2019 - 17:14 AMT PanARMENIAN.Net - Volkswagen has paused a planned $1.4 billion investment in Turkey as a result of the country's military offensive in Syria, CNN reports. The world's largest carmaker, which operates 122 production plants around the world, had been preparing to take a final decision on a factory planned for Turkey's western Manisa province. "The decision for the new plant was adjourned by the board of management of Volkswagen AG," the company said in a statement. "We are monitoring the situation carefully and are worried about the current developments." The €1.3 billion ($1.4 billion) plant was reportedly slated to produce the Volkswagen (VLKAF) Passat and Skoda Superb. Volkswagen Group already has one factory in Turkey, which produces commercial vehicles for its MAN subsidiary. Turkey launched an invasion last week of territory in Northern Syria controlled by the Kurds, an ethnic minority long allied with the United States that played a major role in the fight against ISIS. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |