Economy Minister Zafer Caglayan stated the government’s investing motivator program announced in June, will belittle the unfavorable effects of the debt crisis in the Eurozone and global economic stagnancy in Turkey’s economic growing in 2012. Caglayan emphasised that the global depression, which began with a financial crisis in the US and kept going with a debt crisis in Europe, resulted in an increase in the cost of intermediate goods and raw materials and adversely impacted all developing countries’ rates of economic growth. He also contributed that numerous financial institutions including the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and the World Bank have anticipated that 2012 would be a taxing year for the world economy. Caglayan mentioned: “in spite of market compression in Europe and political agitation in its region that adversely impacted Turkish exporters in 2011, Turkey managed to ascertain the sustainability of its economic growth in 2011.” Recalling Turkey’s aim of accomplishing $500 billion in annual exports and achieving a national income of $2 trillion by 2023, the minister told: “In its investment incentive scheme, the government has ascertained strategical spheres which will encourage the production of intermediate goods and other products for which Turkey trusts on foreign supplies.
Put differently, we intent to transform our industry, which is depending on external resources, into an industry with a higher value contributed. In this context, the incentive program will immediately or indirectly be assistance for us to accomplish Turkey’s economic growth aims.” Remarking the importance of a development model based on exportations, Çağlayan told: “besides this, the government is allocating funds so as to increase the number of companies that export to other countries. Our attempts to increase our export figure will immediately encourage the country’s economic development.” The minister also highlighted that the ministry is developing input procurance schemes allowing for stability and efficiency in input procurement for industry to belittle foreign dependency and to ameliorate production efficiency.
