Turkey will continue to support industrialists, entrepreneurs and researchers in the upcoming year with all its potential, Industry and Technology Minister Mustafa Varank said Wednesday, announcing the support budget set for 2019.

The total amount of funds the Industry and Technology Ministry has allocated for the support program in the New Year's budget is TL 5.6 billion($1,048,532), according to the minister's statements.

Varank said that in 2019 they will "continue to stand by industrialists, entrepreneurs and researchers with all of our opportunities."

The ministry will provide the funding together with the Scientific and Technological Research Council of Turkey (TÜBİTAK), Small and Medium Enterprises Development Organization (KOSGEB), development agencies and regional development administrations.

Citing that development agencies and regional development administrations were included in the Industry and Technology Ministry, Varank said: "In this way, we are able to handle the support we offer as a whole. In order to grow under the leadership of production, we will have a more and more active role in the field with all our units, and if there are any problems we will be able to identify them on the spot."

A total of TL1, 263,792 will be used for projects such as Turkish Research Area programs, scientist training and development programs, research and development (R&D) programs, and defense and space R&D support programs under TÜBİTAK.