Turkey to back domestic high-tech production, tax imports

Minister plans to pump $3.5 billion into support for production of smartphones, computers, electronic devices.

Turkey to back domestic high-tech production, tax imports
World Bulletin / News Desk
 
Economy Minister Nihat Zeybekci on Friday announced measures to support domestic production of high-technology products. 

“We will take the initiative to reduce the import of goods which can be manufactured in Turkey. We will make regulations for smartphones, tablet PCs, and household electrical appliances,” Zeybekci said, speaking at a press conference,

The ministry would soon announce a program for high technology exports incentives with a budget of $3.5 billion, he added.

Turkey will financially support Turkish companies who want to buy foreign high-tech companies, and the projects of domestic companies for high-tech products will be supported for a time period of up to 5 years, Zeybekci noted.

Officials see the production of high-tech goods like smartphones, computers and electronic optic systems within borders of the country as the main solution to reduce imports. 

 Zeybekci recalled his announcement on Tuesday that a number of imported products will be taxed at a higher rate. Zeybekci said antidumping measures will be imposed on imported phones, computers and electronic devices within two months. 

The purpose of the restrictions is to reduce the foreign trade deficit, as Turkish consumers are spending large sums on imported luxury goods. As an emerging economy largely dependent on external sources for energy, the Turkish economy runs a foreign trade deficit of $99.8 billion: Exports were $151.8 billion while imports reached $251.6 billion.

 Detailed information about the high-technology exports incentive program will be announced soon, the minister said.

 

Last Mod: 26 Aralık 2014, 16:14
Add Comment