Sumitomo Launches Agchem Company in Turkey
15 April 2013 
Sumitomo Corp. formed an agrochemical sales company in Turkey as of April 1, as the Japanese firm makes a push into emerging markets.
The new company, called Sumi Agro Turkey – Sumitomo’s first venture in the Middle East – will post specialist sales staff to key locations to promote more extensive use of specialty agricultural chemicals, primarily herbicides, insecticides, and fungicides produced by Japanese manufacturers, across Turkey via sales to local distributors and retail shops, Sumitomo said.
It aims to achieve sales of about “$40 million and a 6% market share in 2016.”
The Turkish agricultural chemicals market has grown at an annual rate of 3% to 4%, as its government has recently begun promoting agriculture to develop farmland and improve yields nationwide. Agricultural aid policy supports projects such as the construction of irrigation facilities in southeastern Turkey, Sumitomo said.
“Sumitomo Corporation will consider further forays into promising markets in emerging countries and elsewhere as part of its global expansion, and do its part to take on the global challenge of ensuring stable food supplies,” it said.
The Turkish government’s policy targets include boosting agricultural GDP to $150 billion by 2023, versus $62 billion in 2010; and increasing agricultural exports to $40 billion by 2023, up from $12 billion in 2010. The policy aims to address higher domestic consumption stemming from a rising domestic population and economic growth and to foster/strengthen the food industry as an export industry.
A profile of the new company:
- Company name: Sumi Agro Turkey ilacları Sanayi ve Ticaret A.S.
(after name change in May 2013) - Head office: Istanbul, Republic of Turkey
- Shareholder composition: 100% owned by the Sumitomo Corporation Group
- President: Kazuya Kishimoto
- Employees: 26
- Principal business: Sales of agricultural chemicals, fertilizers, seeds, etc., in Turkey
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