Turkish construction companies in Turkmenistan are on the edge of big losses as the government rejects to pay an alleged $1 billion for completed or ongoing projects, businessmen say. The Turkmen government is either seizing equipment or offering new and attractive contracts to overcome upcoming legal problems, they say Turkish construction companies in Turkmenistan are hardly financing their ongoing projects in the country as the government is not doing any payments, according to some businessmen.

Turkish construction firms doing business in Turkmenistan are facing financial problems as the government is rejecting to pay the cost of completed projects worth $1 billion, according to contractors speaking to the Hürriyet Daily News & Economic Review on Sunday.

“More than 40 Turkish construction firms have been subjected to mistreatment,” said Tarık Bozbey, head of the Mediterranean Exporters Union and head of Bozbey Construction. “Turkish firms there are in a serious financial struggle.”

Bozbey said that because the Turkmen government was not making its obligatory payments the construction of some projects could not be completed. The government seized construction vehicles and equipment from some Turkish firms “illegally,” according to Bozbey. “This means billions of dollars in losses for the firms,” he said, adding that the Turkmen state had violated international laws by mistreating the Turkish firms.

Turkish defense industry companies' new target has become Latin American countries. Turkish defense industry companies continue to make promotions and marketing in all corners of the world. Following a recent protocol signed in Indonesia that was worth 400 million USD, the Turkish Undersecretariat of Defense Industry (SSM) is helping Turkish defense industry companies to market their goods in Latin American countries.

Turkish businessman Aydin Dogan agreed to sell the Milliyet and Vatan newspapers to DK Gazetecilik & Yayincilik AS, owned by the Demiroren and Karacan groups, for $74 million. Dogan will sell Milliyet for $48 million and Vatan for $26 million, unit Dogan Gazetecilik AS (DGZTE), which controls the newspapers, said in a filing with the Istanbul Stock Exchange today.

Turkey offers Swedish investors vast opportunities for cheap employment and regional access, according to İshak Alaton, chairman of Turkish-Swedish Business Council at Foreign Economic Relations Board of Turkey, or DEİK.

It is beneficial for foreign firms to consider Turkey for future investment plans, said Alaton during his meeting with Swedish Trade Minister Dr. Ewa Björling and an accompanying delegation in Istanbul on Wednesday.

“While you would pay a minimum 2,000 euros for an employee’s monthly salary in Sweden, you could employ a quality employee for as little as 400 euros in Turkey,” she said.

Turkey could cooperate more with Swedish firms in biotechnology, information technology and energy, she added.