Investment opportunities in Turkey: New Technologies and R&D

Positioned as a dynamic and progressive nation, Turkey has continually directed substantial investments towards its burgeoning technology sector over the years. From an initial industrial export value of $20 billion in the early 2000s, Turkey has remarkably surged, expanding its industrial exports exponentially to a formidable $200 billion.

Research and Development

The evolution is strikingly evident in Research and Development (R&D) endeavours. In 2002, R&D expenditures stood at $1.22 billion, a figure that has since soared to an impressive $14.71 billion in the year 2023 (Table 1). This compelling growth trajectory positions Turkey on the cusp of aligning with nations such as Spain in terms of R&D investments, a testament to its unwavering commitment to innovation.

Turkey's ascent presents a ripe landscape for technology investments, beckoning visionary entrepreneurs and enterprises to partake in its journey towards technological excellence. With opportunities aplenty, this nation offers a vibrant platform for those seeking to harness the potential of a thriving technology ecosystem.

Over the span of 2002 to 2023, Turkey has dedicated a remarkable $151 billion to research and development (R&D) endeavours. Looking ahead, the nation has ambitious plan to channel an impressive $136 billion into R&D activities from 2024 to 2030 (Table 1 and Graph 1). This strategic commitment underscores Turkey's resolute ambition to spearhead technological revolutions, fuelled by a workforce of 300 thousand skilled R&D professionals.

Commitment to technological advancement

Turkey's commitment to technological prowess is evident at all levels of education. With the establishment of technology departments in high schools and universities, students are immersed in the world of innovation. Notably, a comprehensive training regimen encompassing software and coding is offered, equipping students with essential skills for the digital age.

In a visionary move, Turkey has initiated specialised courses and accredited certificate programs, aiming to nurture a staggering 1.5 million proficient software developers. These concerted efforts lay the groundwork for a new generation of technological advancements.

Turkey's focus on technology-driven production is exemplified by notable achievements such as the indigenous electric vehicle project, TOGG, and breakthroughs in the defense industry. These milestones reflect Turkey's resolute commitment to shaping a future driven by innovation and technological excellence.

Turkey’s future R&D spending

With a focused vision on enhancing its production framework through technological innovation, Turkey is strategically channelling investments into renewable energy, next-generation technologies, and cutting-edge R&D initiatives. The nation is poised to surge forward and secure the position of the 9th largest global economy by purchasing power by 2030, concurrently adapting to the transformative dynamics of the fourth industrial revolution.

Determined to be a proactive shaper of international trends rather than a passive follower, Turkey is proactively embracing its role as an influential global player. This ambition is reflected in its remarkable economic trajectory, as it achieved a milestone economic stature of 1 trillion dollars for the first time in 2023.

As the threshold of the fourth industrial revolution approaches, Turkey is recalibrating its economic production model through strategic investments in next-generation technologies. In line with this, the nation is allocating augmented resources towards the medium-high and high technology domains, poised to drive the country's progress into an era of innovation-led prosperity.