14 ‘super incentive’ projects to be announced

Dünya Executive - - BUSINESS - CANAN SAKARYA

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.

Newspapers in English

Newspapers from Turkey

© PressReader. All rights reserved.