With its sizable young and digitally connected population, Turkey is a growing innovation hub that connects Europe and Asia. Here are reasons why your tech company should explore tech opportunities in Turkey and available support for companies looking to invest in Turkey.
Turkey is one of Singapore’s growing trading partners. The Turkey-Singapore Free Trade Agreement (TRSFTA) covers tariff reduction or elimination for more than 95% of Singapore’s exports to Turkey and the Singapore – Turkey Double Tax Agreement (DTA) provides relief from double taxation in the situation where income is subject to tax for both countries. Both are additional trade support for businesses seeking expansion opportunities in Singapore and Turkey.
As a growing innovation hub for the region, Turkey presents a multitude of opportunities for businesses. Turkey boasts a favourable investment environment due to a bourgeoning wealthy middle class, a dynamic and young online population, cost-competitive ICT infrastructure, and strong government support focused on research and development (R&D). The country also has a strong international presence, with several global ICT companies based in Turkey having formed successful partnerships with local companies. Furthermore, the Turkish ICT market has surpassed USD27 billion in 2019, strongly backed by international and local companies and supported by its well-educated workforce.
ICT opportunities abound in Turkey, especially in key sectors such as telecommunications, 5G, e-commerce, fintech, gaming and e-government.
Those looking to invest and expand into Turkey would be happy to discover the various incentives from the Turkish government such as tax deductions, VAT exemptions, customs duty exemption, interest rate support, and even land allocation.
In a recent webinar on Turkey’s tech opportunities, Mr Ahmet Diler, Industry Expert, Turkey Investment Office, shared one such programme: the Tubitak 1514 VC.
This programme aims to facilitate the growth of the venture capital ecosystem and provide support for start-ups at different stages from product/project development, commercialisation, manufacturing, to growth & competition. This programme supports early-stage technology-based venture firms by providing them funding between 2 to 20 million Turkish Liras per institution. While Tubitak 1514 VC has concluded, there are plans for another round of investments to begin within the next 5 years. Beyond 1514 VC, Tubitak offers a wealth of other programmes that support research & development in Turkey. Learn more info on their website: tubitak.gov.tr
Mr Ahmet Diler, Industry Expert, Turkey Investment Office, was a panellist at the online webinar “Turkey: The Regional Hub to Connect Europe and Asia” organised by SGTech, in partnership with Enterprise Singapore and Turkey Investment Office, held on 1 July 2021.
Interested to watch the full discussion? Head over to the recording to watch the complete webinar session!
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