Turkey's Erdogan announces $30 billion in incentives for high tech areas

ANKARA (Reuters) - Turkey will launch a $5 billion package to boost its annual production of electric vehicles to one million cars, President Tayyip Erdogan said on Friday, adding that Ankara would unveil other incentive packages for high tech areas totalling $30 billion.

Erdogan, speaking in Istanbul, said Turkey had paved the way for EV makers to invest in Turkey, namely via China's largest EV producer BYD agreeing to build a $1 billion production plant in the country. He also said Ankara wanted to be a major player in this area in the long-term.

"We are implementing a $5 billion incentive package in this area to increase our annual production capacity to at least one million units," Erdogan said.

He said the government planned another $5 billion investment package to build a semiconductor chip factory.

Full story at Yahoo News.