Govt to announce new incentives soon

Speaking at a conference in Istanbul entitled "Turkey the Land of Opportunities: A Safe Haven for Investment," sponsored by the International Investors' Association (YASED), State Minister for the Economy Mehmet Simsek said that accusing the government of failing to take necessary measures against the ongoing global economic crisis was unfair. Stating that work on a new incentives system has been completed, he said, "First we will encourage new investments. Secondly, we will make some rearrangements based on industrial and regional priorities. The arrangements will put the economic potential of cities at the forefront. The incentives will not be the same everywhere. Finally, we will provide special incentives for big investments which will attract a large amount of capital." He added that the new incentive system would include customs exemptions, reduced corporate taxes, and property support. On talks with the International Monetary Fund, Simsek said, "These talks have gone on so long because we're trying to produce a program that will support Turkey's economy. That's why it's taking so much time. We won't take steps or do things that could hurt us in the long run, instead of helping us."