Money

Turkish government unveils economic stimulus package

Prime Minister Erdogan on Thursday announced a fresh set of measures to encourage new investments in the country which aims at reducing dependency on imported intermediate goods and country's current deficit as well as at contributing to the structural reformation of the industrial sector and balancing regional differences.

Erdogan said the package would include stimulus programs on general, regional, large-scale and strategic bases, adding that the package also included measures to encourage investments that involved high and medium-high technology use.

Erdogan said the package divided Turkey into in six regions where each region will receive varying amounts of incentives in line with their level of development to cancel out regional socio-economic differences.

Erdogan said the program placed special importance on strategic investments in defense, aviation and aerospace industries as well as in biochemical industry, which he said would receive a standard stimuli program designed for the fifth least developed region in the country.

The Turkish premier said the package was also aimed at drawing foreign investors.

Erdogan said the new stimulus package would be effective as on January 1, 2012.

Investment and Development

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