By Justin Mays
Last week the Turkish Treasury
and Finance Ministry unveiled the country's ambitious Economic Reform Action
Plan calendar to grow the economy based on investment, production, employment,
and exports. The roadmap for relevant ministries and institutions was also
determined.
Covering several measures under
ten main subjects: public finance, price stability, financial sector, current
deficit, employment, corporate governance, investment incentives, easing
internal trade, competition, and market surveillance and inspection titles, the
ministry's action plan will be completed by March 2023.
The action plan is the follow-up
to President Erdogan's new economic reform project announced earlier this
month.
Several key points of note are
most significant for foreign investors considering real estate investment in
Turkey or gaining Turkish citizenship by buying property. There will be better
market surveillance with new minimum safety conditions, improved concerns for
human health and property, and environmental and consumer safety for market
products.
Price stability will also be a
focal point with establishing the Price Stability Committee as of June 2021,
including forming an early warning system to prevent price fluctuations due to
climate, diseases, and harvest disasters. Additionally, corporate governance
will be strengthened by June 2021 by establishing a Financial Stability
Committee to deepen markets and increase savings alongside an Economic
Coordination Committee chaired by Turkey's vice president. This is to ensure
the coordination and success of the country's mid-term program, annual program,
and development plan.
Plans to decrease the current deficit, build an even stronger health industry, improve employment opportunities, bring innovation to the workforce and protection for a golden well-functioning supply chain in domestic retail trade and lucrative investment incentives round out this impressive plan.
