BUSİNESS Economy

Turkey launches new free-trade zone specializing in R&D, technology

Turkey has launched a new free-trade zone specializing in research and development (R&D), high technology and high added-value activities, the nation’s trade minister said on Tuesday.

The Trade Ministry will provide incentives for companies that take part in the zone such as tax exemptions, breaks on rent and qualified employment support, Ruhsar Pekcan stressed.

“We aim for the incentives and support provided in the Specialized Free Zones to make an important contribution to attracting international investors along with our country’s young, qualified workforce, appropriate infrastructure and logistical advantages,” Pekcan wrote on Twitter.

The Specialized Free Zone in Istanbul, Turkey’s commercial capital, will focus on the information technology sector, she added.

“We aim to further accelerate the dynamism formed in the service sector, especially in software and game development, thanks to the specialized free zones model,” she said.

Support to online fair, trade activities

Separately, the country on Tuesday also announced it will support the services sector’s online trade delegation and online fair activities, according to the Official Gazette.

Health, education, publishing, medical tourism, information technology, movie, logistic and management consultant institutions will benefit from state support, said the notice.

Some 50% of expenses of online trade delegation and online fair activities, under Trade Ministry coordination – up to $50,000 (TL 339,792) per event – will be met by the state.

Half of the expenses of virtual fair organizations approved by the ministry and organized by cooperating organizations will also benefit from the support of up to $100,000 per event.

Support payments will be made by the Central Bank of the Republic of Turkey (CBRT), said the official notice.

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