The year 2017 in the northwestern industrial hub of Bursa was a year of investments, as incentive certificates show that the number of projects initiated in the textile, automotive, energy, education and machinery industries increased fivefold, while there was an increase of more than 30 percent in the number of projects linked to the incentive certificate, according to a report in the Dünya daily.
Incentive data compiled by the Economy Ministry showed that the investment appetite in Bursa continues, especially sectors driving of employment, added value and production, i.e., textiles and automotive.
The number of projects linked to incentive certificates increased from 30 to 82 in the textile industry, from 13 to 63 in vehicles and from 13 to 31 in education in the first 10 months of the year, compared to the same period of 2016.
There were significant increases in energy and machinery industry projects. The amount of investment for projects receiving incentive certificates in the first 10 months of last year was TL 2 billion ($507.9 million), and they exceeded TL 3 billion this year.
Despite no new main investments in the automotive industry, it broke export records in the sub-industry steered for investments aimed at capacity increases in main industries.
The number of projects benefiting from incentives increased fivefold compared to the previous year, while government support for facility renewal in textiles increased investments in modernization and expansion by more than two-and-a-half times.
Bursa, which is a small model of Turkey in its industrial structure, surpassed 2016 figures in the first 10 months of 2017, according to incentive data compiled by the Economy Ministry, and has actually received the most investment incentive certificates in the last four years.
Inventive certificates increased 129 percent, with an increase of 47 percent in their amounts and 102 percent in completely new investments in the first 10 months of this year, compared to the same period last year.
Employment provided by the received investment certificates increased 46 percent.
In the first 10 months of this year, certificates were taken for 288 projects, while the investment amount of these projects was reported to be around TL 3.3 billion. It was also said imports of $456.8 million would be made for these investments.
Once complete, the projects will provide around 6,751 jobs in Bursa. Of investments for modernization, expansion and product diversification, 107 will be new investments. The highest investment incentive during the year was in April with TL 600 million, followed by TL 407 million in October.
Reportedly, Bursa's well-established textile and automotive industries led the way in main and sub-industry investments.
Textile producers that carry out production in large factories were inclined toward productivity and technology investments. The report also said that investment projects that received incentive certificates in textiles increased by two-and-a-half times in the first 10 months of this year, compared to the same period last year.
Vehicles, another important industry in Bursa, saw the highest increase in the rate of benefiting from investment incentives. While only 13 projects were awarded incentive certificates in the first 10 months last year, this increased to 63 in the same period this year. The sector was directed toward modernization and expansion investments as well as product diversification. The increase in exports by the automotive industry and the fact that sector representatives were accepted in different markets played an active role in the tendency to invest in the sector.