Turkish economy to overcome 2020 with minimal damage: Minister

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Showing strong growth over the past two quarters, the Turkish economy will overcome 2020 with minimal damage, a senior official said on Oct. 26. During a meeting with business representatives in Turkey’s western province of Denizli, Industry and Technology Minister Mustafa Varank emphasized that data on the manufacturing industry, as well as production and exports, were very promising. Varank underlined that demand had started to rise across the country for new investments, increasing in the real sector by 30% year-on-year in the first eight months of 2020. “Electricity consumption in our organized industrial zones is increasing steadily every month,” he said, adding that performance in September and October had exceeded even the pre-pandemic period. He noted that the ministry’s budget had jumped by 50% above that of 2019, allowing for more resources to be channeled to investment incentives, small and medium-sized enterprises and industrial zones. In addition, the government will further support investments in research and development (R&D), he said, adding that the R&D budget of the Scientific and Technological Research Council of Turkey (TÜBİTAK), would double in 2021.

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