![Turkish President Recep Tayyip Erdogan gives a speech in Bitlis, Turkiye on August 25, 2024. [TUR Presidency/Mustafa Kamaci - Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2024/08/AA-20240825-35483192-35483186-TURKISH_PRESIDENT_RECEP_TAYYIP_ERDOGAN.jpg?fit=1200%2C800&ssl=1)
The Turkish government, on Friday, announced a sweeping $30 billion incentives package aimed at propelling the country into the forefront of high-tech industries. The initiative, which represents one of the largest state-backed investments in Turkiye’s history, is designed to foster innovation and growth in critical sectors such as information technology, artificial intelligence, biotechnology and renewable energy.
The package includes a range of incentives, including tax breaks, grants and low-interest loans for companies and start-ups operating within these high-tech domains. The government has also pledged to streamline bureaucratic processes, making it easier for businesses to access these funds and for international companies to invest in Turkiye’s burgeoning tech landscape.
Turkish President, Recep Tayyip Erdogan, who announced the package during a press conference in Ankara, emphasized the strategic importance of high-tech industries for the country’s economic future. “This investment is not just about boosting our economy; it’s about securing our place in the global technological race. We are committed to making Turkiye a hub for innovation and cutting-edge technology,” Erdogan stated.
The incentives package is part of Turkiye’s broader “National Technology Initiative”, which seeks to reduce the country’s reliance on foreign technology by developing domestic capabilities and fostering home-grown talent. This initiative is aligned with Turkiye’s long-term economic goals, which include increasing the export of high-tech products and creating high-value jobs in the tech sector.
The announcement has been met with enthusiasm by Turkiye’s business community and tech entrepreneurs, who see it as a critical step toward enhancing the country’s competitiveness on the global stage. However, some analysts have cautioned that the success of the initiative will depend on effective implementation and the ability of the government to attract and retain top-tier talent in these high-tech fields.