Turkey won't reach 2023 targets as a contract manufacturer: Zeybekci

ANKARA - Anadolu Agency

Economy Minister Nihat Zeybekci.

Turkey has achieved much economically as a contract manufacturing country over the last decade, but it will not be able to reach its ambitious economic targets for the year 2023 without concentrating on value-added production and research and development activities, Economy Minister Nihat Zeybekci has said.

“Turkey has lately reached some $160 billion of yearly exports and $40 billion of tourism revenues annually. It was able to achieve this as a contract manufacturing country, using information and production technologies developed by other countries thanks to its ability to work hard by utilizing some of its advantages, including its rich natural resources, well-educated human resources and strategic geographical location," Zeybekci said during an innovation meeting organized by the Turkish Exporters Assembly (TİM).

"It is, however, not possible for Turkey to reach its huge economic goals until the year of 2023, the 100th anniversary of the establishment of the Republic of Turkey, without making more R-D activities for more value-added production,” he added.

He noted that Turkey currently allocates only 1 percent of its GDP for research and development activities, a dramatic rise from .005 in 2002 but still very low compared to other emerging countries such as South Korea, which allocates some 3.5 percent of its GDP for R&D activities.

Turkey aims to become the 10th largest global economy in 2023, a goal that is accompanied by an export volume target of $500 billion.