Turkey preparing new ideas for free trade zones

Turkish Economy Minister, Zafer Caglayan has stated that the Turkish government is in the process of preparing to replace the current Free Trade Zone conception with Economic Free Trade Zones.

The new Economic Free Trade Zones will include residences, offices, production units, and tourism facilities. The new zones will also combine all land, sea, and air freight. Caglayan said: “These projects will help us decrease the current account deficit and draw more foreign direct investments. They include tourism, logistics, communications and industry in different provinces. We also want to include development agencies I this process.”

Caglayan also stated that Turkey is currently looking to build offices overseas that will act as transfer centres, Caglayan said: “We will build a structure including offices, commercial centres and residences. These structures will serve as a transfer centre. We will build places like Dubai, Singapore, Rotterdam, and Los Angeles.”

There are also plans to build within Turkey too. A budget of 2.9 million euros has been set aside to build the world’s biggest container port in Mersin, Turkey, to have a capacity for 12 million containers.

The new free trade zones will make it easier for Turkey to attract foreign direct investments which will in turn improve the Turkish economy and lead more potential for growth in Turkey. Investing in Turkey is currently a big market and Turkey are looking to exploit and improve that, people who are looking to invest in Turkey and trade with Turkey, the new trade zones will make it easier.

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