New investment incentive system in Turkey aims to attract foreigners

The government plans to establish a new incentive system to attract foreign investment to Turkey, Development Minister Lütfi Elvan said Thursday. With the new system, a project-based support mechanism will be created.

Speaking to Anadolu Agency, the minister also added that after negotiation by the Economy Ministry with any firm wanting to invest in Turkey, an additional incentive opportunity, over and above the current incentive system, will be presented to the potential investors, provided that the investment makes an important contribution to Turkey. When the aforementioned system is enacted, this will be the first time such an incentive mechanism will be implemented in Turkey.

Elvan further added that this project-based incentive system would provide benefit to strategic sectors of capital importance in terms of supply safety and affect large scale investments, such as in petrochemicals.

Elvan said that the draft law on the new incentive system had this week passed the Planning and Budget Commission and would be submitted to the General Assembly in Parliament. Noting the importance of drawing foreign investment, Elvan stated that Turkey had performed well over the past 14 years in terms of attracting foreign investors, and the government would continue and increase investment in Turkey, thanks to this system.