Turkey unveils US dollar multi-billion plan to back hi-tech industry

Turkish Minister of Economy Nihat Zeybekci on Friday announced an ambitious program to support the country's domestic hi-tech industry. Turkey will take the initiative to support these industries and reduce the imports of smart phones, tablets, computers, fiber-optics and household electronic devices which could be manufactured locally, Zeybekci told reporters here.
He added that the Ministry of Economy would soon announce incentives for the hi-tech exports with a budget of USD 3.5 billion, he added.
These funds will be funnelled to takeovers of foreign hi-tech companies in the coming five years, the minister affirmed.
He added the measures have been taken to levy high taxes on imported products and counter dumping by foreign state-owned hi-tech companies within two months.