NEW SUPPORT FOR TURKISH BRANDS PLANNED
The state-sponsored brand-awareness program, Turquality, is being renewed, according to a communique from the Economy Ministry. Local companies that want to open up overseas markets can now receive economic support and incentives for five years in each new country.
The legislative amendments include help with expenses for product-development engineers, rent expenses for product-display stands, expenses for storage, renewal of trademark registration and licensing and obligatory clinical test expenses for the pharmaceuticals sector. Support under Turquality program ranging from 50 percent to 75 percent will be provided for five years per new country.
Companies that are already part of the scheme can continue as long as they enter new markets. Meanwhile, there will be no new country criterion for participation in international trade shows, which is one of Turquality’s existing supports. The decision on whether companies can remain in the program will be determined through annual performance evaluations.
Path opened for other support programs
Companies in the program can also benefit from other incentives offered by the Economy Ministry, such as Turkish Trade Center, domestic fair participation, financing with the Turkish Export Credit Bank, research and development, global supply chain, trade delegations and advanced technology company purchase, alongside the Turquality scheme.
Companies that have completed Turquality or have not been part of it may still benefit form the ministry’s incentives, according to the communique.