Turkey to offer special incentives in seven key sectors: PM

ISTANBUL

Seven high added-value sectors, including communications and logistics, will be supported through a number of new incentives, Prime Minister Binali Yıldırım has said at a joint press meeting with the top executives of 20 global companies late on Oct. 27. 

“We will support a number of critical sectors, but mainly those with higher added-value such as the ICT sector, chemicals and logistics. These seven sectors will benefit from a number of specially-designed incentives,” Yıldırım said at the 9th Investment Advisory Council Meeting in Istanbul. 

He also claimed that Turkey’s “stability and confidence” had been recognized by international investors following the thwarted July 15 military coup attempt.   

“Despite the coup attempt, no change was seen in our economy and we continued our reforms. Investors said they did not make any changes in their investment plans. Turkey’s commitment to increasing investment is the key for us to boost employment and economic growth,” Yıldırım said.

“If we fail to take the necessary steps, negative developments take place,” he added.

“During our intensive talks with global investors today, we had the opportunity to share more than 100 structural steps that we have taken since June to improve our investment climate, including introducing tax relief, launching cash repatriation, lowering corporate costs and easing work permits for foreigners … We also launched a series of tailor-made investments in addition to a general incentive package,” said Yıldırım. 

The prime minister said global investors see Turkey as a “regional management hub” as well as a “safe investment destination.”

“They have some expectations to achieve these goals. Some of these have been met and the remaining ones will be completed in the coming period,” he added. 

Earlier on Oct. 27, the prime minister said 2017 will be a big year for Turkey’s “investment drive.”    
 
Attendees of the meeting included the CEOs and executives of 20 multinational companies including Alstom, Alzahid Group Holding, Bank of China, Bombardier, BP, Burgan Bank, Gemalto, Khazanah Nasional Berhad, Microsoft and Sberbank. 

These companies come from 14 countries and are worth over $700 billion in total.