Turkey has a bright future economically, and it is anticipated to become the fast-growing economy among the OECD members. In the last decade, Turkey's GDP has risen, which in return, is leading the government to increase its R&D spending.
Turkey's Industry and Technology Strategy of 2023 aims to increase the R&D investment shares to 1.8% of GDP. Turkey's R&D capabilities are seen as the country's main transformation area; to date, Turkey has made many investments to shift its economy in this direction.
In March 2008, specific laws supporting R&D activities came into effect. The government supports the R&D activities through special investment incentives in the tax exemption form, cuts, and financial resources to improve the technological competitiveness and innovation capacity of vital industries.
For R&D, the Law provides Fiscal incentives to the private sector. And for projects supported by public agencies and international institutions, well-educated, highly qualified labor forces, competitive cost advantages, and many global companies active in the market promote the extensive R&D incentives in Turkey. Thus, they form a dynamic ecosystem together.
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