UPDATE - Türkiye to direct resources worth $30B to high technology investments

UPDATES WITH REMARKS FROM INDUSTRY MINISTER; MINOR EDITS

By Gokhan Ergocun and Tuba Ongun

ISTANBUL (AA) - Türkiye will direct a total of $30 billion worth of resources consisting of tax incentives and grant support to high technology investments, President Recep Tayyip Erdogan announced on Friday.

Speaking at the unveiling ceremony of the High Technology Incentive Program (HIT-30) in Istanbul, he said Türkiye aims to become a regional production hub in battery production capacity and offer $4.5 billion worth of incentive package to investors.

The country is also launching a $5 billion worth of incentive package to increase its production capacity in the automotive sector to at least one million units per year, Erdogan said.

For five years, Ankara will meet half of personnel expenses of new centers to be established in the country by world's top 1,000 companies in terms of R&D, he added.

“We aim to support the manufacturing of critical components and offshore turbines in wind energy and build an indigenous wind energy brand," the president said.

Türkiye will provide grant support of up to $8,000 per megawatt for cell investments aimed at establishing a 15-gigawatt capacity in solar energy, he said.

The government paved the way for global automotive companies and other large-scale vehicle manufacturers to direct their electric vehicle investments to Türkiye, Erdogan said.

“We aim to bring at least $20 billion of private sector investment to our country, which will contribute greatly to our development journey in the fields of technology," he added.

- Netanyahu's speech in US Congress

Touching on Israeli Prime Minister Benjamin Netanyahu's speech in the US Congress, Erdogan said: "The whole world saw how genocidal murderer was applauded in the US Congress."

"The US House of Representatives applauded those who massacred nearly 40,000 children, women and the elderly," he added.

"Those who give lessons of democracy and human rights to the world do not show an ounce of shame when they crown the Hitler of our time," he said.

The global system, which was established to protect the economic, political, military and diplomatic interests of victors of World War II, has begun to become obsolete, he added.

Industry and Technology Minister Mehmet Fatih Kacir said the HIT-30: High Technology Incentive Program will advance Türkiye to the league of giants in high-tech and high-value-added production.

The largest-scale incentive program in Türkiye's history will make the country a focal point for high-tech investments, Kacir said.

"Besides project-based investment incentives, market development support, financing under attractive conditions and suitable investment areas will be offered for investments within the scope of the program," he said.

The minister stressed that as part of the 12th Development Plan, high-tech exports are aimed to hit $19.5 billion before 2028 from $9.1 billion.

The government aims to increase the share of high and medium-high technology sectors in manufacturing industry exports from 40.3% to 49.5% in the same period, Kacir said.