Meeting of the Investment Environment Improvement Coordination Board

The Investment Environment Improvement Coordination Board (YOİKK), chaired by Vice President Cevdet Yılmaz, convened at the Presidential Complex.

Attendees of the meeting included Minister of Justice Yılmaz Tunç, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Labor and Social Security Vedat Işıkhan, Minister of Environment, Urbanization and Climate Change Murat Kurum, Minister of Treasury and Finance Mehmet Şimşek, Minister of Trade Ömer Bolat, Minister of Transport and Infrastructure Abdulkadir Uraloğlu, President of the Council of Higher Education Erol Özvar, President of the Presidential Strategy and Budget Office İbrahim Şenel, and Director of the Presidential Investment Office Burak Dağlıoğlu, along with private sector representatives.

In his opening remarks, Yılmaz indicated that the meeting would address the developments related to the 2024 YOİKK Action Plan, review the ongoing work by institutions, discuss Turkey’s International Direct Investment Strategy, and prepare for the Investment Advisory Council meeting planned for September. He also mentioned that consultations would be held with board members regarding the new Medium-Term Program (OVP) covering the period 2025-2027.

Yılmaz recalled the action plan established on March 1, 2024, focused on facilitating the export of goods and services to reduce the current account deficit, noting that this plan is being rapidly implemented. Of the 57 actions identified since March, 10 have been completed, and six are at the final stage. He mentioned that over 28 actions have achieved a completion rate of 50% or more. Under this framework, changes have been made to the Personal Data Protection Law, application periods for legal recourse have been standardized, and opportunities have been provided for additional capacity installations in renewable energy sources.

“WE AIM TO INCREASE EXPORTS”

Yılmaz stated that steps have also been taken to extend long-term investment loans, direct individual retirement funds towards venture capital, and implement remote working practices for qualified personnel. He emphasized that the infrastructure to support green and digital transformation has been established with the regulations published in July.

He noted that consultations with the private sector frequently highlighted the need for addressing workforce shortages and redirecting labor to areas needed by the private sector. Consequently, a vocational training and employment working group has been formed under the Presidential Human Resources Office, which has commenced its activities. He stated that the Vocational and Technical Education Policy Document was published in the Official Gazette last week, and a new and practical approach to education aimed at strengthening vocational and technical education will be implemented.

“IMPORTANT ISSUES WILL BE ON THE AGENDA”

Yılmaz indicated that significant issues related to improving the investment environment would be on their autumn agenda, stating:

“Amendments to the Competition Law No. 4054 and the Climate Change Bill are among the priority topics we expect our Parliament to address in its new legislative session. We are carefully monitoring the EU’s border carbon regulation, which will come into effect in 2026, and are intensively working on the technical aspects of the Emission Trading System within this context. One of the topics we plan to present to our Parliament in the new legislative term is e-Notification, which will speed up judicial processes. A draft proposal for this has reached a certain stage. Furthermore, administrative and technical infrastructure work for the TechVisa program, aimed at attracting qualified workforce to our country, has also reached its final stage.

We have identified the need for legislative changes to improve processes related to energy sector investments and are planning to take new steps rapidly in this regard. We are preparing various models to create planned industrial areas with ready infrastructure and make them available for private sector use. Addressing investment disputes, administrative reconciliation, and aligning our national legislation with the EU regarding trade secrets are also on our board’s agenda. Technical-level work in this area has made significant progress. We aim to strengthen macroeconomic stability, promote high value-added production, and achieve increased efficiency and export growth while focusing on green and digital transformation. Our fundamental goal is to achieve lasting improvement in our current account balance and reach single-digit inflation rates.

“PRICE STABILITY, FIGHTING INFLATION”

Yılmaz mentioned that the updated OVP, to be announced in September, will also be on the meeting agenda, emphasizing that consultations have begun with a participatory approach for the OVP covering the years 2025-2027, including discussions with representatives from labor and employer associations, academics, and various sectors of the business world.

He stated that the main approach from the previous OVP would be preserved in the updated program, noting, “Price stability and the fight against inflation continue to be among our most important policy objectives. We are supporting this with fiscal policy and structural reforms.”

Yılmaz highlighted that addressing the aftermath of the earthquake disaster remains one of their primary priorities, expressing the importance of strengthening the economy while also enhancing social welfare. He emphasized, “We are determined to convert the opportunities provided by stability and sustainable growth into lasting social welfare through a human-centered development approach.”

“WE ARE EXPECTING NEW ANNOUNCEMENTS”

Yılmaz pointed out that Turkey’s rising economic performance over the past 21 years, facilitated by investor-friendly reforms and attractive incentives, has continuously improved the business and investment environment. Since 2003, Turkey has positioned itself as the second in its region with $262 billion in international direct investments. He noted that the Presidential Circular covering the Turkey International Direct Investment Strategy for 2024-2028 was published in the Official Gazette on July 29, aiming to increase the share of global direct investments to 1.5% with the implementation of this strategy.

He announced that they have identified qualified investment areas in Turkey under eight main headings: “climate-friendly,” “digital,” “global supply-chain focused,” “knowledge-intensive,” “providing qualified employment,” “value-added services,” “qualified financial,” and “supporting regional development.” He continued:

“Recently, we have undertaken significant initiatives particularly with the Investment Commitment Advance Loans and HIT 30 Programs. As a result of this vision, we have entered a period where international companies announce their investment decisions in our country. In the coming period, we expect new announcements and news in this area. We have invited senior executives from leading global investor firms to our Investment Advisory Council meeting on September 28, which will be chaired by our President. In this meeting, we will gather the priorities of multinational investors and reflect an international perspective on our macro-level policies. Through these high-level discussions, we desire to encourage increasing levels of qualified direct investments from global investors in our country. In an environment where global supply chains are being reshaped, we aim to elevate Turkey as a preferred investment base for multinational companies to sustainably reduce the current account deficit.

Vice President Yılmaz reiterated their goal of making the “Century of Turkey” a century of investments, emphasizing their commitment to transforming the country into a hub for investment and production. They will continue to take decisive steps to achieve this, and will monitor the implementation of the action plan closely by meeting with stakeholder institutions every three months.


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