Türkiye to channel $30B into high-tech investments: President Erdogan

President Recep Tayyip Erdogan has announced that Türkiye will direct a total of $30 billion worth of resources consisting of tax incentives and grant support to high technology investments.

Speaking at the country's High Technology Incentive Program (HIT-30) introduction ceremony in Istanbul on Friday, Erdogan said Türkiye aims to become a regional production hub in battery production capacity and offer $4.5 billion worth of incentive package to investors.

The country is also launching an incentive package worth $5 billion to increase its production capacity in the automotive sector to at least one million units per year, Erdogan added.

For five years, Ankara will meet half of the personnel expenses of new centres to be established in the country by the world's top 1,000 companies in terms of R&D.

Renewable energy

"We aim to support the manufacturing of critical components and offshore turbines in wind energy and build an indigenous wind energy brand," the president said.

President Erdogan also announced that Türkiye will provide grant support of up to $8,000 per megawatt for cell investments aimed at establishing a 15-gigawatt capacity in solar energy.

The government paved the way for global automotive companies and other large-scale vehicle manufacturers to direct their electric vehicle investments to Türkiye.

"We aim to bring at least $20 billion of private sector investment to our country, which will contribute greatly to our development journey in the fields of technology," he added.