Turkish Incentive Package Attracts $3.2 Billion Investment in Six Weeks

Turkey launched its new incentive package designed to attract foreign and domestic investment into the country on June 19 and since that date has received 480 project proposals worth TL 5.5 billion or $3.2 billion. According to the economy minister, Zafer Caglayan,

Turkey is expecting substantial investment from Europe, and the number of applications is predicted to increase during the fourth quarter of the year. Around 340 of these projects have been approved and should provide employment for 16,247 people, and are worth a total of TL 3.9 3 billion.

More than half of the investments are categorised as being regional, while another 27% are categorised as being general, and 15% are attributed to large scale investments.

The incentive documents which have already been prepared include 3.8% related to investments in agriculture, 56.8% in investments related to production, 9.1% in mining, 2.9% in energy related investments, and 27.4% in the service industry.

The economy minister also announced that money spent on existing buildings will be included in the incentive document, enabling the investor to deduct the cost of an existing building in a production facility, as well as any new spending on a plant from tax.

The idea is to allow old buildings to be reused more efficiently. The current incentive package is valid for all investments made into the country since the beginning of the year, and Turkey is due to begin a promotion campaign in September which will be both national and international. This promotional campaign is due to get financial support from various business institutions within the country.

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