Turkiye Introduces New Investment Incentive System for High-Tech Growth and Regional Employment
Turkey boosts development in eastern regions through fresh industrial incentives
Embrace the latest economic wave sweeping through Turkiye as the nation unveils a bold new investment incentive system prioritizing high-value-added technological investments and regional employment, with a strong emphasis on the eastern and southeastern provinces.
This structural overhaul, enacted via a presidential decree, presents varied incentives for strategic, technology-driven, and green transformation investments. The move marks the beginning of a new era for regional development, striving to lessen income disparities across the nation.
Investors stakeholding in prioritized regions can capitalize on extended social security premium support—with the government footing the employer's share for a staggering 14 years, while workers reap 10 years of totally-covered premiums.
The government's primary objective is to usher industrial facilities from the heavily-populated and seismically-active Marmara region (including the bustling metropolis of Istanbul) to inner Anatolia. Those moving machinery and equipment to newly-adopted locations will receive lucrative local employment incentives.
Under the strategic initiative component, investors stand to pocket a whopping TL 240 million ($6.1 million) in cash assistance. Each province will boast four primary investment zones tailored to local demands.
Under the tech-driven umbrella, high-priority industries include pharmaceuticals, computers, electronics, aerospace vehicles, and various medium-high tech sectors such as chemical products, military vehicles, weapons, and electrical equipment.
Minister of Industry and Technology, Mehmet Fatih Kacır, commented on the changes, affirming the system's newfound selectiveness and focus—intended to alleviate the fiscal strain on investors whilst fostering strategic, technological, and regional advancements.
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Sources:based on: Anadolu Agency
Additional insights:
- The new investment incentive system is part of Turkiye's broader strategy to enhance economic growth and decrease regional disparities while achieving specific development plans.
- The incentive system intends to increase production, boost employment, encourage high-value-added investments, promote green and digital transformation to enhance competitiveness and sustainability, and support key industries in Turkiye.
- Structural adjustments to the incentive system make it more selective and focused, aiming to minimize financial strain on investors while fostering strategic, technological, and regional development.
In the wake of Turkiye's new investment incentive system, strategic actors within the industry and finance sectors are presented with opportunities for participation in high-value-added technological investments, particularly in the eastern and southeastern provinces. This shift aims to lessen income disparities across the nation by encouraging such investments and fostering regional development.
Under this system, investors opting to operate in prioritized regions can avail of compelling incentives, including extended social security support and lucrative local employment incentives, among others. This overhaul is intended to encourage industries such as pharmaceuticals, computers, electronics, aerospace vehicles, and others to transform and expand, driving economic growth and technological advancements in Turkiye.
