Türkiye backs Industry, Technology and Tourism Incentive Programme which is a regional incentive programme, coordinated by the Ministry of Industry and Technology; it is anticipated to benefit several industries in Turkey’s Mediterranean region, including tourism and defense, according to a recent report.
According to a report by Anadolu Agency (AA), the “Local Development Initiative Incentive Programme” will support investments in a variety of fields in provinces throughout the Mediterranean region, including the construction of a gold refinery and the manufacturing of defense industry components as well as aviation and space-related industries.
The Local Development Initiative Incentive Programme is intended to be selective, goal-oriented, and in line with investors’ expectations.
Within the framework of the ministry-coordinated programme, assistance will be given to develop sectors not currently present in the region but with high success potential, increase local employment, and make use of the geographical potential and idle resources of eight cities in the Mediterranean region.
Depending on the magnitude of the investment, the programme will provide a variety of incentives, such as tax breaks, insurance premium support, interest or profit-share contributions, land allocation for investment, and income tax exemptions.
The initiative anticipates tax breaks of up to 50% of the investment value in addition to up to TL 301 million (about $6.7 million) in cash support for each venture. As a result, many sectors throughout the Mediterranean area will get financial support within this scope.
Tourism, Health and Sport
The production of starch-based chemical derivatives and high-value-added products, aquaculture production and processing facilities, value-added production from agricultural products and waste, and the production of cleaning chemicals will all receive incentives in Adana as part of the support programme designed to increase industrial and production capacity.
Antalya
Support for this “tourism paradise” will concentrate on projects pertaining to sports and health tourism, investments in iconic architecture and cultural industries, high-tech products used in greenhouse and vertical farming, and the production of value-added products from medicinal and aromatic plants.
Burdur
Value-added production from wood and forest products, integrated breeding of cattle with superior genetic quality, the use of marble waste, and industrial dairy production will all receive support.
Hatay
Support for what is known as the “City of Civilizations” will target businesses including sophisticated metal production, seafood processing, and sub-industries of footwear and furniture.
Isparta
Value-added production from fruits and their waste, mushroom compost and integrated mushroom processing facilities, cosmetics and food supplements made from rose and other medicinal aromatic plant extracts, and investments in smart agriculture technologies will all be supported by incentives.
Kahramanmaraş
The construction of a gold refinery, integrated aquaculture production and processing facilities, aviation and space sector manufacturing, and the production of functional fabrics and technical textiles will all be given priority.
Mersin
Incentives will encourage the construction of sophisticated and intelligent greenhouse systems, the use of agricultural waste, the manufacture of metal and structural components for the defense industry, and value-added production from legumes.
Osmaniye
The creation of integrated greenhouse facilities, steel-based value-added manufacturing, recycling facilities for the iron and steel industry, and value-added production from waste and agricultural products will be supported via Osmaniye.
These programmes are intended to boost employment, promote high-value-added production, and expedite regional development throughout eight Mediterranean provinces.
Source: Daily Sabah
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