2,300 projects receive investment incentives

ANKARA

Turkey’s Industry and Technology Ministry gave incentive certificates to over 2,300 projects in the first half of 2019, investing some 58.4 billion Turkish Liras ($10.4 billion).

Over 94,300 people are expected to be employed in these projects when completed, according to ministry data compiled by Anadolu Agency.

The companies whose projects got certificates are backed by the government with incentives such as tax exemptions or discounts, insurance premium supports, low-interest rates, and land.

During January-June, the manufacturing sector took the lion’s share with nearly 1,500 supported projects, while other projects were chosen from the energy, services, mining, and agriculture sectors.

Over 2,100 of all the projects - representing an investment of 51.44 billion liras- were developed by domestic firms.

While 1,368 projects were new investments, 691 projects were expansion investments and 245 were other types of investments.

Last year, a total of 5.914 projects, which foresaw 157 billion liras investments, obtained investment incentive certificates.