Turkey has invested some 566 million Turkish lira ($103 million) in subsidies to its small- and medium-sized enterprises (SMEs) in the first three months of 2019, according to official figures released Sunday.
Turkey supported over 35,000 SMEs and entrepreneurs in the first quarter of the year, said Mustafa Varank, industry and technology minister, in a statement.
Varank also said that the Small and Medium Enterprises Development Organization (KOSGEB), which coordinates the subsidies, will continue to strengthen the competitive edge of Turkish SMEs in line with the country’s priority to spur economic growth.
Varank added that Turkey’s presidential system introduced in 2018 made strategic coordination and economic planning much easier at a time when Turkey is aiming for a vision of “National Technology, Strong Industry.”
Pointing to the next four-and-half-years in Turkey, until 2023, a period set set to be free of elections, Varank said they will use this window of opportunity to strengthen Turkey’s structural foundation and focus on the economy as the country’s priority.
“The way to permanently sustain global competitiveness in this day and age is to invest in high tech,” he said.
“Our ultimate goal is to turn our SMEs into competitive, global players. We will exert our full strength to reform our economy and sustain our growth by investing in every step of industrial development.”
* Writing by Vakkas Dogantekin