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Turkey Announced New Support Measures for Companies

Written by: Bridgewest

The sudden changes and the instability of the foreign exchange trends have put a strain on the Turkish economy, therefore on the companies operating here, which is why two of the most important ministries in the country have announced new measures which will help businesses. The Ministry for Finance and the Ministry for Industry and Technology have announced an action plan through which Turkish companies would be defended from external pressures. You can rely on our local consultants if you need company formation services in Turkey.

Turkish banks to ease credit conditions

Most Turkish companies have contracted a credit under one form or another at a certain point, and these are the businesses which suffer the most from the market volatility, which is why the two ministries for industry and finance have decided to work together with banks and ease the credit conditions.

Among these measures, the ministries representatives have announced that Turkish banks will keep credit and overdraft channels open and will even ease the price and period conditions for companies accessing them, despite the increased exchange rates.

Our company registration agents in Turkey can offer more information on the banking system.

What do the new measures provide for?

The Ministry for Industry has also announced a new set of measures through which small and medium-sized companies, industrial companies and single entrepreneurs will benefit from support. The new package will contain a set of 16 measures which will respect the fiscal policies designed by the government and which will not put any pressure on the state budget.

Among these measures are:

  • -          enhanced protection for locally-produced goods;
  • -          a localization program for products which can be manufactured locally with a minimum value of 30 billion USD of imported goods;
  • -          improved innovation and competition capabilities on the real estate market;
  • -          more support for research and development activities;
  • -          incentives for trading companies exporting their products;
  • -          incentives for intellectual property creation.

The Turkish government also wants to create several technology development zones which will host 500 projects and for which it will allocate 80 million USD.

For assistance in opening a company in Turkey, please contact our local agents.

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