President Recep Tayyip Erdoğan unveiled Turkey’s latest Economic Reform Package on March 12. Speaking at the publicity meeting, President Erdoğan guaranteed the start of a “new economic era” in Turkey and said efforts in production are almost as substantial as efforts for freedom and the future.
“In addition to macro policies, a set of structural measures and transformations are also required to maintain economic stability. For this reason, macroeconomic and structural policies make up the backbone of our latest reforms,” said President Erdoğan.
Macroeconomic policies of the Economic Reform Package encompass significant steps such as ensuring price stability, increasing investments and employment, supporting financial sector and reducing the current deficit.
Meanwhile, structural policies include strengthening institutional structure, encouraging investments, facilitating domestic trade, enhancing competition policies and performing market surveillance and inspection.
Regarding investments, the package includes a series of regulations to further enhance the investment environment in Turkey, some of are being introducing special incentives, reducing the impact of bureaucracy and land allocation for investments.
President Erdoğan added that instruments in interest-free finance will also be diversified to position Turkey as an alternative location for such investments and Tech-driven Industry Initiative and Project-based Incentive System will be bolstered up to reduce the current deficit.
As part of the regulations to fight against inflation, the Turkish government has decided to establish the Price Stability Committee. Representatives of key sectors such as agriculture, industry and services will take part in the committee.
President Erdoğan, also heralded a new law to be introduced regarding the Istanbul Finance Center project. Once the center gets fully operational, the government will make efforts to make it a center of attraction for international finance organizations. Within the scope of a legal regulation, a new incentive mechanism will be launched specifically for the Istanbul Finance Center.