Hürriyet – The Turkish government is working on a new program to encourage research and development (R&D) activities by start-ups and SMEs, according to the Minister of Science, Industry and Technology, Nihat Ergun.
Speaking at the 2nd Research and Development Summit, held in Istanbul, Minister Ergun said that a new set of support measures were in preparation to ramp up R&D investments in Turkey.
“This new program will support R&D projects of up to TRY 50 million, suitable for tech entrepreneurs and SMEs,”the Minister remarked about the new R&D support measures in planning, adding that up to 10 TRY 10 million of funding will be made available for such projects. The new set of incentives is expected to be finalized in the next couple of months.
Stressing the importance that Turkey attaches to R&D and innovation to reach its 2023 goals, Ergun pointed out the young, well-trained, and motivated work force as the country’s most valuable asset.
Turkey provides special investment incentives in the form of tax exemptions and cuts as well as financial support to improve the technological competitiveness and innovation capacity of vital industries. The country’s 50+ technoparks host about 2,500 companies while 148 domestic and international companies have active R&D centers in Turkey.
Turkey aims to allocate 3 percent of its GDP to R&D works by 2023, valued at approximately USD 60 billion out of a projected GDP of USD 2 trillion. Two thirds of that total is expected to be spent by the private sector.