Minister of Industry and Technology Mustafa Varank said on Thursday that Turkey has enormous opportunities for investors, thanks to its strong financial system, integrated and stable economic structure and attractive incentives it provides to owners of capital.

The minister’s speech came at the inauguration of a new research and development center belonging to the «Promotion Tire» group in the northwestern Turkish state of Kocaeli.

Warank said he has visited the state on several occasions to launch new projects and investments, even during the pandemic. He added that last week it hosted an electric car competition organized as part of “TechnoFast”, the largest aviation and technology event in the world, in which thousands of students participated with their unique designs.

He said that «there is no upper limit to what Turkish youth can achieve when they have the opportunity and the necessary capabilities.»

Varank stressed that the number of high-tech products such as the Akıncı unmanned combat vehicle, which was recently delivered to the army, will rise in the near future and that Turkey will not be a market for “important technologies but will be a producer for them.”

He explained that Kocaeli provides attractive opportunities for investors with qualified human resources, technological competencies, infrastructure and production capabilities. He added that many national and international companies have already invested in this state.

He said: “Prometion, which has been operating in Turkey for nearly 60 years, has chosen our country as the administrative center for the Middle East, Africa and Russia region because it is a safe haven for investors thanks to its strong financial system and integrated, stable, attractive and incentive-rich economic structure. And you can be sure of that, everyone who invests here wins and keeps moving forward.”

He added that investment is of high importance in Turkey due to production, export and operating factors.

He explained: “Investment contributes significantly to the current balance of our country by exporting nearly 50% of its total production to various markets in the world. Thanks to the R&D center that we opened today, Prometion commercial tires that will be sold to the whole world from now on will bear the signature of Turkish engineers.” Noting that the capacity of Prometion, which has developed nearly 30 joint ventures and 8 patents with the Scientific and Technological Research Council of Turkey, will increase further with new R&D investments.

He added, “Protection Group is also one of the investors taking initiatives on climate change. This new research and development center is conducting important studies on tires that reduce fuel consumption and carbon emissions. Personally, I think they will develop innovative products and methods.”

And «Warank» promised that the ministry will always support initiatives that contribute to production, employment and exports, while also being environmentally friendly, saying that they supported the opening of the new research and development center from the beginning with large exemptions.

“We work very hard to ensure that no city remains without a technology development zone, and no company operates without centers for research, development and design. We have created a comprehensive ecosystem to encourage the private sector to undertake research and development work.”

He added that as of this day, the number of technology areas reached 89, while the number of research and development centers reached 1251 centers, and the number of design centers reached 345 in Turkey.

He emphasized that knowledge is the engine and driving force behind economic development, and that knowledge production, storage and dissemination is an important part of the economy. And that research and development and the ability to innovate are seen as the source of countries’ growth rather than labor and capital.”

The minister concluded his speech by saying: «On this occasion, I invite everyone, especially international companies operating in the high-tech sectors, to Turkey to make investments in production, research and development.»