More free zones to be established: Minister

ANKARA

Türkiye will establish five more free zones as part of its target to boost exports and lure more foreign investments, Trade Minister Ömer Bolat has said.

Speaking at an event at the Istanbul Chamber of Industry (İSO), Bolat noted that there are currently 19 free zones in the country.

“We are focused on exporting more of the high value-added, high-tech products, providing supports for the efforts for the digitalization of exports, R&D and innovation,” he furthered.

Türkiye aims to increase its share in global exports to 1.2 percent, Bolat said. “We will work to boost the share of small and medium-sized enterprises (SMEs) in the country’s exports from 26 percent to 40 percent.

The government is also seeking to increase the share of e-export in total exports from the current 1.5 percent to 10 percent, according to the minister.

The country’s foreign trade strategy projects that merchandise and service will climb to $400 billion and $200 billion in 2028, Bolat recalled, noting that the target is to increase Türkiye’s share in global service exports to 2.1 percent.

He also said that the new medium-term program (MTP) to be unveiled in the first half of September will serve as an anchor for the Turkish economy.

The MTP should include structural reforms, offer a road map to strengthen the macro-financial stability and lay the ground for resolving the immediate problems such as access to financing, said Erdal Bahçıvan, the chair of the İSO.