Local development program ‘revolutionary step’: Minister
ANKARA
The Local Development Initiative Incentive Program was officially put into effect following its publication in the Official Gazette, Industry and Technology Minister Mehmet Fatih Kacır has announced, describing it as a “revolutionary step” in regional development.
“This is a comprehensive development leap,” Kacır said.
“We’ve defined four investment priorities for every province to accelerate nationwide growth. Cities will specialize, and new employment areas will emerge,” he added.
Under the program, four priority investment areas have been designated for each province to target untapped potential and strengthen technological production capacity. For instance: Airbag and scooter manufacturing in Aksaray, a medical aesthetics center in Batman and a noodle production facility in Mardin.
The initiative seeks to reduce developmental disparities, activate local resources and encourage high value-added, innovative investments.
Incentives will be offered via the internet-based Electronic Incentive Application and Foreign Capital Information System.
Projects with high employment and investment volumes will benefit from various incentives, including a 50 percent reduction in income and corporate tax rates.
A total of 321 investment areas will be supported under the program, and the list will be updated annually.
Cultural investment in Istanbul
Under the program, Istanbul has been selected as a focal point for creative and cultural investment.
The program prioritizes fashion design, production and innovation centers as strategic areas for growth in the mega city.
It also includes support for architectural projects that contribute iconic and symbolic elements to the city’s identity.
Film studios, animation and VFX facilities are part of the incentive scope, alongside art banks, museums, performing arts venues and exhibition and convention centers.
These investments aim to reinforce Istanbul’s role as a global hub for creativity, combining its cultural depth with forward-looking industries.
