Management Notes

Reference Notes for Management

Turnkey Project – Entering Into Foreign Market | International Business

Turnkey Project

Turnkey Project

Turnkey Project


Turnkey Projects Meaning

Turnkey Project Meaning

➦ Turnkey Project is one of the strategies (mode) of entering into the foreign market by the firm.

➦ In a Turnkey Project, the firm agrees to design, construct, train personnel, and start turnkey plants for the foreign client.

➦ After the project is completed by the firm, it is handed to the foreign client.

➦ With the use of the Turnkey Strategy, the firm transfers process technology to foreign countries.

➦ Turnkey projects are those that are designed, developed, and equipped by a company. Upon becoming ready to operate, it is turned over to the buyer.

➦ Turnkey projects are of course built for the cost agreed upon in the contract by the company developing them.

➦ Turnkey projects are designed, fabricated, installed, supported aftermarket and technical serviced by the company.

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