$2.4 bln in investments receive incentives

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A teller holds Turkish lira banknotes at a currency exchange office in Istanbul on August 13, 2018. Turkey's troubled lira tumbled on August 13 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy. / AFP PHOTO / Yasin AKGUL

The Industry and Technology Ministry issued incentive certificates for 501 investment projects in May.

Those projects foresee a total of 13.6 billion Turkish Liras (some $2.4 billion) worth of fixed capital investment.

When materialized, the investments will add some 20,000 additional jobs.  Meanwhile, the ministry canceled 30 incentive certificates for 11.9 billion liras worth of planned investments.

Last year, 5,914 companies received investment incentive certificates versus 7,478 certificates issued in the previous year.

Some 333 of those entities that received investment incentives were firms with foreign capital.

Companies operating in the manufacturing industry had the largest share in investment incentives as a total of 3,250 incentive certificates were issues for manufacturing firms, followed by service-providing companies with 1,598 certificates.

The government issued 619 certificates to the energy companies and another 281 certificates to agriculture firms.

In the new economic program, released in September, the government forecast that the private sector’s fixed capital investments would increase 2 percent this year.

The pace of private investments would pick up to 5.8 percent in 2020 and further to 6.9 percent in 2021, according to the program.

Hurriyet Daily News

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