Erdoğan announces $30 billion in incentives for high-tech areas

Turkish President Recep Tayyip Erdoğan has announced a $5 billion package to boost the annual production of electric vehicles and other incentive packages for high-tech areas totalling $30 billion.

Saturday July 27 2024 05:26 pm

Photo: The Turkish Presidency

Reuters

Turkey will launch a $5 billion package to boost its annual production of electric vehicles to one million cars, President Recep Tayyip Erdoğan said on July 26, adding that Ankara would unveil other incentive packages for high-tech areas totalling $30 billion.

Erdoğan, speaking in Istanbul, said Turkey had paved the way for EV makers to invest in Turkey, namely via China's largest EV producer BYD agreeing to build a $1 billion production plant in the country. He also said Ankara wanted to be a major player in this area in the long-term.

"We are implementing a $5 billion incentive package in this area to increase our annual production capacity to at least one million units," Erdoğan said.

He said the government planned another $5 billion investment package to build a semiconductor chip factory.

"With our call for batteries, we aim to become a regional production base by building a capacity of 80 gigawatt hours by 2030," he said, adding that a $4.5 billion incentive package would be introduced for this too.

Erdoğan also said Turkey would provide $2.5 billion in grant support for solar cell facilities with up to 15 GW capacity, and said the government had allocated another $1.7 billion to manufacturing critical components in wind energy.

With all of these incentives, Erdoğan said Turkey aimed to attract at least $20 billion in private sector investments, adding that Ankara would be announcing further details shortly.