New trade code will boost foreign direct investments

Today’s Zaman - Minister of Commerce and Industry Zafer Caglayan has said the new Turkish trade code will be put on Parliament's agenda in the coming weeks. Caglayan participated in a meeting of the International Investors Association (YASED) in Istanbul. He said Turkey had made significant progress in the last six years, moving from an environment of deep uncertainties to its current positive outlook highlighted by important changes and a transformation process. Speaking of the goals for Turkey between 2013 and 2023, he said they are trying to reach an $800 billion gross national product (GNP) in 2013 and create 670,000 additional jobs each year until then. He also noted that their incentive policies are based on the 3H concept, which encompasses high technology, high added value and high competitiveness. Caglayan emphasized that the current trade code, which was implemented in 1957, was too dated to meet the current demands of the business world. He said when the new code passes in Parliament, it will boost foreign direct investments, adding that companies will become more transparent after the new code goes into effect.