Turkey announces $30bn incentives package for high tech areas

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 Turkey will launch a $5bn package to boost its annual production of electric vehicles to one million cars, President Tayyip Erdogan said on Friday, adding that Ankara would unveil other incentive packages for high tech areas totalling $30bn.

Erdogan, speaking in Istanbul, said Turkey had paved the way for EV makers to invest in Turkey, namely via China’s largest EV producer BYD agreeing to build a $1bn production plant in the country. He also said Ankara wanted to be a major player in this area in the long-term.

“We are implementing a $5bn incentive package in this area to increase our annual production capacity to at least one million units,” Erdogan said.

He said the government planned another $5bn investment package to build a semiconductor chip factory.

“With our call for batteries, we aim to become a regional production base by building a capacity of 80 gigawatt hours by 2030,” he said, adding that a $4.5bn incentive package would be introduced for this too.

Erdogan also said Turkey would provide $2.5bn in grant support for solar cell facilities with up to 15 GW capacity, and said the government had allocated another $1.7bn to manufacturing critical components in wind energy.

With all of these incentives, Erdogan said Turkey aimed to attract at least $20bn in private sector investments, adding that Ankara would be announcing further details shortly.

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