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September 7, 2016

New Economic Package for the Eastern Turkey

New Economic Package for the Eastern Turkey

Turkish Prime Minister, Mr. Binali Yıldırım, announced on September 4th, an economic package for the eastern Turkey. The Prime Minister stated that Turkey would invest total of TRY 10 billion (USD 3.3 bn) in in 23 cities by providing variety of incentives including;

  • Diminishing the fixed investment expenditures for the new manufacturing plants established by the private sector who have the appetite to invest in eastern Turkey;
  • Issuance of 5-year guarantee for products manufactured in the region.
  • Zero interest rate for the loans for the acquisition of machinery to be installed and used in the region;
  • Development of a new dam and irrigation projects to improve the agribusiness;
  • Refurbishment of existing school buildings and construction of new schools;
  • Construction of new electricity transmission/distribution grids and a new natural gas pipeline;
  • Allocation of a budget of TRY 900 million for petroleum and natural gas exploration activities.
  • Construction of new infrastructure including 27 safety roads, 28 tunnels and 550 miles long railway.
  • Construction of three new soccer stadiums in the cities of Batman, Diyarbakır and Malatya.
  • Construction of new residential areas for the families who have lost their houses due to natural disasters.
  • Further, Law No. 6745 is enacted and published on the Official Gazette on September 7, 2016) empowering the Council of Ministers to provide certain incentives on project by project basis. Such incentives will include inter alia certain tax exemptions; loan interest support up to ten years for financing of fixed investment amount; salary support up to 20 times of the minimum wage; payment of 50% of energy consumption costs up to ten years, and granting land usage rights over Treasury lands for free of charge.


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