Turkey can attract $19.2 billion in FDI by raising commitment to IPR

Today’s Zaman - Turkey needs to pay more attention to intellectual property rights (IPR) if it is to take advantage of the benefits that flow to countries with high standards of IPR, says a new report released by the International Investors Association (YASED). According to research models in the report, a 10% increase by Turkey on the Patent Rights Index would lead to an increase in the flow of foreign direct investment (FDI) by 16%, or $19.2 billion. Based on this figure, the report notes that 150,000 new jobs would be created, exports would grow by 12% ($13 billion) and national income would expand by $4.4 billion, or 0.7% of gross national product (GNP). The report, presented to Prime Minister Recep Tayyip Erdogan last week, argues that the government needs to reaffirm its commitment to harmonizing its policies with respect to IPR to those of the EU and that doing so would have considerable economic spin-offs for many sectors of the economy. Most notably, a greater commitment to IPR would generate considerably higher levels of FDI and contribute to greater Greenfield investment.