14 ‘super incentive’ projects to be announced
Last week, details finally begun to emerge concerning the regions and sectors that will be affected by the Project Based Support System, known among the public as the “super incentive” program. Economy Minister, Nihat Zeybekci, said during a media scrum in the parliament that projects to benefit from these incentives will be announced this month at a press club event, following the completion of the approvals process, which is in its final stages.
The focus of the incentives will be projects which target the production of raw materials and intermediate goods in which Turkey is currently a net importer, particularly in the metallurgical, energy, health, and petrochemical sectors. “We will focus on sectors that contribute to narrowing our current account deficit,” Zeybekci said, stressing the importance of tackling this fundamental obstacle in Turkey’s economic growth. The scope of the program will be expansive, he added, promising 14 projects with a total investment of TRY 80 billion. “Projects that will create our own domestic industrial giants will be carried out. There will also be technology transfers. There will not be regional restrictions in the selection of the projects.”
Noting the need for economic development in certain parts of Turkey, Zeybekci said the projects will be concentrated in the Western Black Sea and Eastern Mediterranean regions. The goal of the incentives, he noted, will be to increase Turkey’s technological know-how in key sectors and make it more competitive on the global stage. «There will be important projects in the health sector which will bring important technologies to Turkey, from cardiac valves to stents,” he added.
Investments in petrochemicals will take place in the Eastern Mediterranean, taking advantage of local geographical synergies.