TURKEY REVISES INVESTING STRATEGIES FOR 2020

Under the coordination of the Presidency Strategy and Budget Directorate and the Presidency Investment Office, a comprehensive legislation is being prepared to strengthen private sector investor confidence and remove obstacles to accelerating investments.
The 11th Development Plan included the objective of making a framework legal regulation on private investments. The same issue is included in the 2020 Presidential Annual Program and the Action Plan for the Coordination Board for the Improvement of the Investment Environment (YOİKK). With this regulation, predictability will be strengthened, legal security will be increased and public regulations will be created and implemented with the contribution of related parties. Thus, the investments are planned to be further opened.
The duration of the transactions, such as permits, licenses, certificates for investments, will be determined and announced by the relevant administration in advance. In case of deviation from the prescribed period, the new period shall be notified to the investor without delay. Legislative changes will be made available to the public via e-Government integration via an internet portal and, where possible, a transition process will be envisaged for the implementation of legislation.
In the relevant ministries, «investment coordination units» will be established to receive applications for transactions such as permits, licenses and certificates related to investments and to coordinate these processes, evaluate investor demands and develop solutions, and provide contact with the Presidency Investment Office. These units will also cooperate with development agencies locally.
Istanbul Chamber of Commerce President Avdagiç, highlighting that Turkey’s government and private sector together will write stories of growth and development and said, “Turkey has to maintain growth above 5 percent each year. For 2020, our driving force is 5% growth, production and investments rather than consumption. If we remain only in consumption, we become the market that consumes what someone else produces. We cannot meet our growth targets. In this case, our budget targets do not meet. ”
Avdagiç pointed out that the economy should not be satisfied with re-entering the growth path and said that this new growth momentum should be used well and wisely.
ICOC President Şekib Avdagiç, stressing the importance of the link between economic growth and full employment, said: “Full employment is used to describe the efficient use of all economic factors. Employment is always a factor we closely follow. Being aware of this fact, our government has initiated employment mobilization since 2018 and took measures to encourage employment. It tried to keep employment at an acceptable level. Our expectation is that there will be a decline in unemployment in 2020. Our wish is to meet the Medium Term Program (MTP) targets for both employment in 2019 and 2020.” Avdagiç stated that the increase in loans in recent months is a factor that revived the economy “The fact that loans are more and more heavily oriented towards production and investment will give us confidence for the future of our economy. Therefore, we expect our government to increase the loans for investment and production in 2020 with appropriate interest rates.”