Turkey to support $75M indigenous high-tech production

Industrial enterprises, research development (RD) centers, SMEs, entrepreneurs, and universities will be supported with 500 million Turkish liras (some $75 million), Turkey's Technology and Industry Minister said.

Turkey developed the Industrial Innovation Network Mechanism (SAYEM) to raise high-technology production's share in the country's exports, Mustafa Varank told Anadolu Agency.

"With the SAYEM, we took the first step to produce high-tech products locally. By making value-added products -- as a result of RD and innovation activities -- the country's current account deficit will be narrowed," he said.

Varank underlined that he believes in Turkey's human resource and industrial experience.

Within the scope of the SAYEM, the ministry and the Scientific and Technological Research Council of Turkey (TUBITAK) will receive projects applications between Nov. 1 to Dec. 30, he noted.

"In the second phase, projects will be evaluated and 500-million-lira support will be granted," Varank added.