The European Bank for Reconstruction and Development (EBRD) and the Ministry of Industry and Technology agreed to boost innovation in competitive sectors such as machinery, electrics, electronics, mobility, pharmaceuticals, and chemicals, according to a statement from EBRD.
EBRD President Odile Renaud-Basso and Industry and Technology Minister Mustafa Varank will intensify efforts to facilitate innovative investments via the Technology-Focused Industry Movement, said the statement.
Together the two parties already established the Technology-Focused Industry Movement, also known as HAMLE, which consolidates several incentives that promote investments in technology and skills and provide a single-window system for investors.
As a leading institutional investor in the country, the EBRD to date has invested almost EUR 13bn (USD 15.4bn) in the country through 337 projects, 96% of them in the private sector.
In response to the COVID-19 pandemic, the bank ramped up its financing in Turkey to EUR 1.7bn (USD 2bn) in 2020, from EUR 1bn in 2019.