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Turkey's Erdogan announces $30 bln in rewards for high tech areas

Turkey will release a $5. billion bundle to enhance its annual production of electrical. lorries to one million cars, President Tayyip Erdogan stated on. Friday, including that Ankara would reveal other reward plans. for high tech areas amounting to $30 billion.

Erdogan, speaking in Istanbul, said Turkey had paved the way. for EV makers to buy Turkey, specifically by means of China's largest EV. producer BYD accepting build a $1 billion production plant in. the nation. He likewise stated Ankara wanted to be a major player in. this location in the long-term.

We are executing a $5 billion incentive bundle in this. area to increase our yearly production capability to a minimum of one. million systems, Erdogan said.

He said the government planned another $5 billion investment. bundle to build a semiconductor chip factory.

With our call for batteries, we intend to become a regional. production base by constructing a capability of 80 gigawatt hours by. 2030, he stated, including that a $4.5 billion incentive package. would be introduced for this too.

Erdogan likewise said Turkey would provide $2.5 billion in grant. support for solar cell facilities with approximately 15 GW capacity, and. stated the government had designated another $1.7 billion to. making important components in wind energy.

With all of these rewards, Erdogan stated Turkey aimed to. attract at least $20 billion in private sector financial investments,. adding that Ankara would be revealing more details soon.

(source: Reuters)