Turkey announces $183M package for industrialists

Turkey's industry and technology minister on Tuesday announced a new support package worth 1.2 billion Turkish liras (approx. $183 million) for industrialists.

The package aims to reduce current account deficit and encourage production of high value-added outputs, Mustafa Varank said in a statement.

The industrialists will benefit from the package through the Technology and Innovation Grant Programmes Directorate TEYDEB 2.0, a new support system of the Scientific and Technological Research Council of Turkey (TUBITAK).

"We will provide 1.2 billion liras (approx. $183 million) in three years for projects that will be implemented through TEYDEB's project announced this year," Varank said.