Economic Minister Reveals Special Economic Zones Plan for Turkey

Posted on 25 August 2011

Turkey is to do away with the current “free zones” in favour of a new system of “Economic Free Zones” according to Minister of Economic Zafer Caglayan.

According to Caglayan the reason for rethinking the incentivised zones was to better equip them to tackle the country’s raging current account deficit. The new zones will better incentivise the development of foreign exchange based services, and attract more foreign direct investment. He added that the new zones will include houses as well as business centres.

Commenting on the new concept, Caglayan said they are preparing a prototype for Mersin, and added, “We will establish a significant new structure, in which the incomers from abroad will both reside and use as an office, whilst galvanizing logistics and trade centers. These new concepts will include airports and will have connections to seas, ports, railways and motorways.”

Caglayan spoke of a “broad perspective” that will ensure that the special zones do not create a surplus in their immediate vicinity, but spread the benefit across the country. The new zones will simultaneously cover commerce, tourism, logistics, transportation, communications and industry.

Finally he said that the ministry is planning to link neighbouring zones to form a mutually beneficial structure, so that they, along with development agencies, can function together for the welfare of the entire region — he cited Adana and Mersin as examples.

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