TURKEY: 5 major projects worth TRY 14 billion to benefit from government incentives
Some five major projects in Ankara, Istanbul, Bursa and Adana will be receiving government support, according to a presidential decree published on Thursday (5 September 2019) in the Official Gazette.
The total investment amount of these projects to be supported within the scope of the Project-Based Incentive System will be around TRY 14 billion, said Industry and Technology Minister Mustafa Varank. "A total 3,000 people will be provided new jobs with these projects. Once put into effect, these investments will make an annual USD 1.4 billion contribution to the reduction of foreign trade deficit," Varank noted.
Among these projects will be a propylene manufacturing plant to be implemented by Ceyhan Polypropylene Üretim AŞ at the Ceyhan Petrochemical Industry Zone located in the Mediterranean province of Adana. The project with fixed investment of TRY 8.23 billion will have an annual production capacity of 450,000 tons. It is projected to provide employment to some 590 people.
It will increase the capacity of plastic raw materials that are being used in many areas of strategic importance for Turkey, said a statement by the Industry and Technology Ministry. The propylene investment is expected to prevent imports of USD 75 million and contribute USD 175 million to exports.
Source: “Daily Sabah”, Istanbul; 6 Sept 2019
(Syed Rashid Ali, Karachi, Pakistan)