Turkey Grants TL 28B In Support To Auto Industry

Turkey, seen as having the best chance to host the new factory of German carmaker Volkswagen, has been the investment base of the automotive industry over the last five years.

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While the number of incentive certificates granted to the automotive sector in the last five years has reached 715, TL 28 billion has been provided for investments in this period.

Industry and Technology Minister Mustafa Varank said Turkey’s first aluminum injection factory, which was founded in the northwestern province of Bursa for new generation hybrid vehicles within the scope of the government’s project-based incentive system, will help cut Turkey’s current account gap by $2.3 billion a year. While the domestic car is expected to be on the roads in 2021, the government has prepared a support program to promote the production of high-tech brand vehicles.

New steps will be taken under many headings, from special incentives for domestic electric buses to infrastructure suitable for new generation vehicles. Speaking of the developments in the automotive sector and the domestic automobile project, Varank said the automotive industry produces over 1.5 million units annually.