Domestic armored vehicle manufacturer BMC is set to provide employment for 2,300 people and reduce the current account deficit by TL 2.8 billion ($691 million) with a total investment of TL 1.9 billion, according to a report in the Turkish newspaper Dünya on Friday. Four different projects by the company will benefit from the project-based incentive system announced recently by President Recep Tayyip Erdoğan, which is to benefit 23 projects and 19 companies.

Through its investment projects, BMC aims to be one of the world's top three defense industry companies in 2023. Currently, according to BMC board member Yasin Öztürk, they are now among the top seven in the defense industry in Turkey. BMC was also identified as one of the companies in discussions to produce Turkey's next-generation main battle tank (MBT), Altay. Öztürk announced that the investments for the project will take place in Karasu, Sakarya. He also noted that they will invest $685 million in Karasu by 2023 and employ 10,000 workers in total, as well as 3,000 white collar engineers, under the scope of the projects.

"Our engineers will be employed in Istanbul, Ankara and Izmir. The area in Karasu was divided into four sections for four separate projects," Öztürk stated. "We will invest $220 million in the company we will establish with our German subsidiary Ryan Metal, $120 million in engine production, and $90 million in railed systems. We also plan to invest $170 million in light commercial vehicles." Öztürk further confirmed that when all the investments, including the test center, are tallied, the total investment amount will reach $685 million. He stated that they set up a team of 110 people for the production of diesel engines and transmissions, which is one of the projects to receive an incentive. "Our team started to work and won tenders. They will produce diesel engines and gearboxes at various powers that the country needs. The first engines will come out in 2021," Öztürk noted.