Er­doğan says more in­vest­ment in­cen­tives on the way

Daily Sabah (Turkey) - - Business -

AF­TER an­nounc­ing last week an in­cen­tive pack­age worth TL 135 bil­lion ($33.25 bil­lion) for 23 projects, which may con­trib­ute around TL 6 bil­lion in ex­ports and cre­ate 34,000 di­rect and 134,000 in­di­rect em­ploy­ment op­por­tu­ni­ties, Pres­i­dent Re­cep Tayyip Er­doğan has an­nounced that more in­cen­tive pack­ages will fol­low.

Speak­ing at the Global En­trepreneur­ship Congress in Is­tan­bul, Pres­i­dent Er­doğan ex­pressed his hopes that the in­cen­tives will be ben­e­fi­cial for Tur­key’s busi­ness world.

“With these reg­u­la­tions, we have pro­vided nu­mer­ous fa­cil­i­ties, in­clud­ing bank mort­gages dur­ing com­pany es­tab­lish­ments. There is more to it, and we’re go­ing to re­al­ize them upon com­ple­tion,” he said.

Er­doğan said that Tur­key’s for­eign ex­change re­serves had risen from $17.5 bil­lion to $130 bil­lion, while un­for­tu­nately; this fig­ure has re­cently dropped to around $110 bil­lion.

He added that they also fo­cused on the pub­lic fis­cal dis­ci­pline while over­see­ing Tur­key’s growth. He said they have re­duced the ra­tio of pub­lic debt stock to na­tional in­come from 60 per­cent down to 8.5 per­cent. “But we can­not con­tent our­selves with this. We will raise the for­eign ex­change re­serves once again,” he con­cluded.

The pres­i­dent said they have up­graded the coun­try with the re­forms car­ried out in the past 15 years, not­ing that Tur­key at­tracted for­eign in­vest­ments worth $180 bil­lion from 2006 to 2017.

“It should not be for­got­ten that this was achieved de­spite the at­tacks we have faced since 2013. If we were able to over­come this pe­riod, we could dou­ble or even mul­ti­ply in­ter­na­tional in­vest­ment fig­ures,” Pres­i­dent Er­doğan said, adding that an­other im­por­tant as­pect are in­vest­ments in­cluded among the top 10 in­vest­ments in the world.

“The most im­por­tant of these was the air­port we will be open­ing to­ward the end of this year. In the first phase, the air­port’s an­nual ca­pac­ity will be 90 mil­lion. This num­ber will reach 150 mil­lion or even 200 mil- lion in the sec­ond stage up to 2023,” he said.

Re­call­ing that Tur­key ranked first among the G20 na­tions and sec­ond in the Or­ga­ni­za­tion for Eco­nomic Co­op­er­a­tion and De­vel­op­ment (OECD) with a growth rate of 7.4 per­cent, Pres­i­dent Er­doğan said the amount of pub­lic and pri­vate sec­tor in­vest­ments will ex­ceed TL 1 tril­lion for the first time , which cor­re­sponds to a four­fold in­crease. “To­day, Tur­key is the world’s 17th largest econ­omy in terms of gross na­tional prod­uct [GNP]. There is trust and sta­bil­ity here,” he said.

Stat­ing that Turk­ish en­trepreneurs have the op­por­tu­nity to find mar­kets in third world coun­tries, Er­doğan said the num­ber of tourists has gone up from 13 mil­lion to 36 mil­lion, while tourism rev­enue has reached TL 26.3 bil­lion.

“Our tourism sec­tor suf­fered due to the coup at­tempts, but we also over­came them. This year our ex­pec­ta­tions from tourism are quite high. We are ex­pect­ing more than 36 mil­lion tourists. There are some se­ri­ous signs of im­prove­ment in this re­gard,” Er­doğan added.

The pres­i­dent also elab­o­rated on the young pop­u­la­tion, in­di­cat­ing that un­less they have the young and dy­namic pop­u­la­tion, they will age as a na­tion.

“It is not pos­si­ble to reach long-term tar­gets with an aged pop­u­la­tion. Peo­ple are the ba­sis of ev­ery­thing, which in turn brings la­bor, cap­i­tal and in­vest­ment,” Pres­i­dent Er­doğan said. “Oth­ers are hu­man’s de­riv­a­tive. There­fore, we need to in­vest pri­mar­ily in peo­ple. Tur­key needs a young pop­u­la­tion. Let’s not shy away from peo­ple. There are peo­ple in the spirit of this en­trepreneur­ship. We need en­tre­pre­neur­ial peo­ple. We have to join forces and raise them.”

Sug­gest­ing that Tur­key is not only a cross­ing point be­tween Europe and Asia but a geo­graph­i­cal lo­ca­tion that ap­peals to huge pop­u­la­tions in a wide area, Er­doğan said they were de­ter­mined to con­tinue in­vest­ing more, pro­duc­ing more and cre­at­ing more em­ploy­ment by pro­vid­ing more sup­port and in­cen­tives to en­trepreneurs and in­vestors.

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