Hyundai Assan benefits from Turkey’s new incentives

Istanbul, 9 July 2012 – Hyundai Assan the leading South Korean company, will be the first company to receive the benefits from Turkey’s new investment incentives scheme. With a total investment of approximately 550 million USD Hyundai intends to increase production at its Izmit factory in NW Turkey from the current 100,000 units to 200,000 units per annum. Commenting on the new incentives Umit Karaarslan, General Manager of Hyundai Assan, said “According to the new incentives system, you can take advantage of the new incentives if you complete 20 percent of the investment plan. In this regard, we will make 20 percent of our TRY 1.1 billion worth of the new investment announced in August”, adding , “As most of our vehicles come fromEurope, we do not pay customs duty. This incentive will have the most effect on the Accent Blue that is imported fromKorea. We will no longer pay additional customs duties for this model”. Source: Invest inTurkey