Mustafa Varank, the Industry and Technology Minister, has revealed that in November 2020 Turkey provided 1,009 investment incentive certificates which will provide the country with investments totalling 25.3 billion Turkish Lira (3.31 billion USD) and also create in the region of 33,903 new jobs in the country.
From the period of January through to November, the demand for investments in Turkey was 30% more than the same time year on year when compared with 2019. Varank went on to say: “With a reformist vision, we will make Turkey the winner of the post-pandemic period.”
Incentive Certificates in Turkey
Varank explained that incentive certificates support investors with tax discounts, exemptions, and grants when they invest in Turkey. The data he shared showed that 57% of investments that were made in the past month have been made within the manufacturing sector, whilst there was 24% made in services, 11% made in energy, 6% made in mining and 2% made in agriculture, showing the versatility of investing in Turkey.
In January to November of 2020, the data showed that there was a hugely impressive 91% increase recorded in the volume of investment incentive certificates being issued in Turkey, this reflected a 55% increase in the expected employment sector, and 30% in the fixed investment amount compared with the same period of January to November in 2019.
The Turkish clothing retailer, LC Waikiki received the highest incentive certificate last November for a logistics investment of 3.6 billion Turkish Lira. Next was Imbat Madencilik who was provided with a certificate worth 1.5 billion Turkish Lira to be used for lignite production in Western Turkey’s Manisa province, and finally Starwood which was awarded 1.3 billion Turkish Lira for chipboard production in the north western area of the province of Bursa.
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