August 29, 2023
Türkiye will construct five more free zones as part of its goal of increasing exports and attracting more foreign investment, according to Trade Minister Mer Bolat.
Bolat stated at an event hosted by the Istanbul Chamber of Industry (SO) that the country now has 19 free zones.
“We are focused on exporting more high-value-added, high-tech products, as well as supporting efforts for digitalization of exports, R&D, and innovation,” he added.
According to Bolat, Türkiye’s goal is to grow its share of global exports to 1.2 percent. “We will work to increase the proportion of small and medium-sized enterprises (SMEs) in the country’s exports from 26% to 40%.”
According to the minister, the government also wants to boost the share of e-export in total exports from 1.5 percent to 10%.
According to the country’s foreign trade policy, products and services will reach $400 billion and $200 billion, respectively, in 2028, with the goal of increasing Türkiye’s share of global service exports to 2.1 percent.
He also stated that the new medium-term program (MTP), which will be announced in the first half of September, will serve as a stabilizing factor for the Turkish economy.
According to Erdal Bahçvan, chair of the SO, the MTP should incorporate structural reforms, provide a road map to increase macro-financial stability, and create the groundwork for tackling current challenges such as access to funding.
Source: Hürriyet Dialy News
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
