Türkiye President, Erdogan, Pledges $30bn Towards Expanding High Technology

Türkiye President, Recep Tayyip Erdogan has pledged $30 billion, consisting of tax incentives and grant support, to high technology investments in the country.

Erdogan, who spoke at the High Technology Incentive Program (HIT-30) launch ceremony in Istanbul, said Turkey wants to become a regional hub for battery manufacture and provide investors with an incentive package valued at $4.5 billion.

The announcement comes only weeks after BYD, a Chinese electric vehicle maker, agreed to build a $1 billion production factory in Turkey with an annual capacity of 150,000 vehicles.

According to him, “We aim to support the manufacturing of critical components and offshore turbines in wind energy and build an indigenous wind energy brand.”

He said Ankara will cover half of the labour costs for new R&D centres that the top 1,000 global corporations create in the nation over five years.

The government wants to bring in at least $20 billion from the private sector for Turkey, which will make a big difference in the country’s development, he said.

He added, “We aim to bring at least $20 billion of private sector investment to our country, which will contribute greatly to our development journey in the fields of technology.”

Erdoğan plans to boost solar energy with grants of up to $8,000 per megawatt for cell investments, to establish a 15-gigawatt capacity.

Earlier report stated that an investment agreement worth over $1 billion was inked between the Industry and Technology Ministry and Chinese electric vehicle (EV) giant BYD to establish a plant in Turkey.

A statement stated that the Chinese manufacturer of new energy vehicles (NEVs) inked an investment cooperation deal with the Turkish government on July 8, in the presence of Turkish President Recep Tayyip Erdogan.