ISTANBUL: The government is set to announce an investment of TL 70 billion in the project-based incentive system, Economy Minister Nihat Zeybekci said Saturday. “We will give a TL 70-billion certificate of investment incentive to all investors in one go to be approved by President Recep Tayyip Erdoğan,” Zeybekci said. Assessing the latest developments in the project-based incentive system, Zeybekci said that they would complete research on investments to be supported by this system by the end of the month; they have raised about TL 70 billion in investment so far.
Emphasizing that the Council of Ministers will make a decision regarding investments, Economy Minister Zeybekci noted: “We are striving to delegate the issue to the Council of Ministers. So, each investment will become a cabinet degree. We will give a certificate of investment incentive of TL 70 billion to all investors in one go to be approved by President Recep Tayyip Erdoğan.”
According to Zeybekci, there are about 13 investments that have been clarified so far, and there are applications for investment in a large spectrum, ranging from medical and energy technologies to petrochemicals.
Pointing to the increase in applications for the incentive system in general, the minister said that Turkey will achieve significant results in its studies regarding fighting the current account deficit, increasing supply and creating its own world giants in certain fields in the upcoming period. Investment incentive certificates have increased by more than 50 percent in number, around 80 percent in amount and around 60 percent in use this year over last year.Stressing that expectations about investment incentive certificates will come true in 2018, Zeybekci indicated that there would be good developments regarding private investments and production activities in areas that will balance current account deficit and substitute imports.Zeybekci also emphasized that all this would not be enough, adding that they continue to take measures as one of the countries that has the best practices to protect domestic production and prevent unfair competition. “We give instant response to all countries that have practices jeopardizing Turkey’s interests,” the minister concluded.
