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ECONOMY

Turkish gov’t to establish 5 mega industrial zones

The Science, Industry and Technology Ministry plans to establish mega industry bases in five regions of Turkey, each of which is expected to have at least 3,000 hectares of land and a port. Giant investments are expected to significantly reduce the country’s current account deficit, while thousands of jobs are expected to be created.

Moreover, the industry bases will focus on the petrochemical industry, which accounts for about 20 percent of Turkey’s total current account deficit with a foreign trade deficit of $11 billion. The industrial zones to be established will also bring a new era of breakthroughs in industry and technology, while planned investments will provide employment for thousands of people.

While the petrochemical industry has a global trade volume of $2.2 trillion, China is the global leader in the sector with $125 billion in exports of petrochemical products. As for Turkey, it stands out as the world’s 14th largest market in the chemical industry. According to Turkish Statistical Institute (TurkStat) data, $11 billion of Turkey’s $56 billion foreign trade deficit constituted foreign trade deficit in the petrochemical sector in 2016.

According to a study by the Industry Ministry, it was determined that Turkey needed large industrial areas with ports of at least 3,000 hectares, especially for the petrochemical industry. In this context, big industrial zones in the Eastern Black Sea, Western Black Sea, South Marmara, North Aegean and Eastern Mediterranean regions are planned to be established to allow new levels of development in industry and technology. Moreover, the mega industrial zones, which are foreseen to erode around $11 billion annual foreign trade deficit in the petrochemical sector, will also act as a business hub to thousands of citizens.

Coastal strips are at the forefront as places where industrial zones are to be built. For the industrial bases planned to be established, long-term plans that will manage the investments and expansions in stages will be made. With the infrastructure investments, the industrial regions will also be ready to draw the attention of foreign investors.(dailysabah)

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