Petrochemical, energy, defense, metallurgy investments to capitalize on TL 135B incentive package

President Recep Tayyip Erdoğan announced the 23 projects from 19 companies that will benefit from the project-based incentive system in a ceremony on Monday at the Presidential Palace Complex. According to a statement released by the Economy Ministry, the incentive investments in the system amount to TL 135 billion in total.Alvi Medica, Assan, Atayurt, BMC, CFS, Dow Aksa, Ekore, Ersan, SASA, İpek Mobilya, Most Machinery, Siirt Copper, Metcap Energy, Turkish Aerospace Industries (TAI), Oyak Renault, Yıldız Metallurgy, Vestel, SÜTAŞ and Tosyalı will benefit from the incentives. The largest investment will be undertaken by Vestel with a project worth TL 28.4 billion ($6.95 billion) for electric vehicle energy storage systems.

The projects to be supported were chosen on the basis of their strategic qualities and technological features such as renewable energy technologies, metallurgical investments, crude oil processing, petrochemical products, carbon fiber and composite materials, medical devices and health technologies, rail vehicles, defense industry technologies, motor vehicles-electronics and agriculture technologies are expected to create direct employment for 35,000 people and indirect employment for 134,000 people.

Investment areas include renewable energy technologies such as ingot and cell production and integrated solar panel production; metallurgy investments in aluminum flat products, integrated mining, ingot zinc, pig lead, smelting and cathode copper production; crude oil processing; petrochemical products such as polyethylene, polypropylene, polymer-chips and PTA-MEG; carbon fiber and composite material; medical devices and health technologies such as catheter, stent, heart valve production; rail vehicles such as high speed trains, subway cars; defense industry technologies such as armored vehicles and fighter jets; motor vehicles-electronics such as hybrid engine, diesel engine and battery production; and agricultural technology investments such as integrated, technical animal husbandry.