Turkey announces new investment incentives

Posted on 13 April 2012

Ankara, 7th April 2012 – Turkey’s Prime Minister, Recep Tayyip Erdogan, has announced a new incentive scheme to help foreign and local investments aimed at encouraging local manufacturing and reducing the demand for imported goods. The emphasis is to support the underdeveloped regions of Turkey especially in poorer eastern and southeastern regions. There are six regions that will be specifically targeted and will receive the most support. For 10 years the Turkish government will pay the employee insurance costs on the minimum wage for 10 years in these regions. Announcing the new programme, Prime Minister Erdogan said “With this new system we primarily hope to increase production and investments in the area of intermediary goods and products, which currently have a high degree of import dependency, so as to cut the current account deficit” and “With the new system we will initiate value-added tax exemptions, customs tax exemptions, tax reductions, and reduce the insurance premiums employers pay”. Source; Invest in Turkey

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