Investors eye $6.45B worth of projects in Turkey's east

By Tuba Sahin

ERZINCAN, Turkey (AA) - The government has received applications worth 23 billion Turkish liras ($6.45 billion) for regional projects in the country's east, Development Minister Lutfi Elvan said Friday.

In remarks to the media during his visit to eastern Erzincan province, Elvan said: "This is above our expectations.”

He said the development program for the country's east is the government's highest priority, adding investors were showing great interest.

"The country's eastern region will not be called ‘underdeveloped’ anymore. I strongly believe that the program will be successful," he said.

On June 17, 2016, the government announced it would introduce problem-free investment zones for companies in eastern Turkey, where some of the country’s most underdeveloped regions are located.

Under the program, the government will take care of the infrastructure and government paperwork for investors who take ownership of their investments when the project gets completed.

Last month, Prime Minister Binali Yildirim said: "By supporting manufacturing, we are opening up eastern Turkey to investment. We will give special incentives, like a 30 percent break on electricity bills, to investors who want to shift part of their investment to eastern and southeastern Turkey."

The government also wants the development program to empower young women as entrepreneurs in 23 regions. According to Turkish officials, the program will also help stem migration from eastern Turkey to bigger, more developed provinces, such as Istanbul and Ankara.