Caglayan pledges support for refinery investments

Economy Minister Zafer Caglayan, who is currently in Singapore for an official visit, said on Sunday said that Turkey would promote its economic incentive system on international TV channels. "As part of a plan to promote Turkish products in the Far East, we will provide Turkish companies with funds so that they can place commercials on local TV channels in various countries," Caglayan said, adding that Singapore will be the first Asian country where TV commercials will take place to promote Turkish products. Caglayan also visited the Singapore Harbor which is shown as an example to the southern city of Mersin Harbor, as well as the Jorong Island where investments are made particularly in the field of petro-chemistry by internationally known giant companies. As part of his visit, Caglayan said, "All refinery investments in Turkey will be exempt from the condition that they provide at least 40 percent added value." Caglayan also stated that the Libyan Prime Minister issued a directive, indicating that Turkish contractors doing business in Libya will receive progress payments. Caglayan said that Libya would immediately pay 50 percent of the progress payments due to Turkish contractors and that the contractors could resume construction activities shortly. Turkish contractors were unable to receive their progress payments following the end of the Gadhafi regime in Libya.