Turkey aims to become a hub for technology companies

Türkiye is on a mission to become a global hub for technology venture companies, with Industry and Technology Minister Mehmet Fatih Kacır leading the charge. During his recent visit to London, Kacır met with executives from international venture capital funds managing a total of $30 billion, showcasing Türkiye’s commitment to attracting international entrepreneurs.

One of the key initiatives driving this vision is the Tech Visa program, designed to invite talents with critical expertise in technology and startups with innovative business models to Türkiye. Kacır highlighted the significant increase in investments in Türkiye’s technology-based startups over the past three years, with local tech startups receiving $4 billion in investments between 2020 and 2023.

With over 10,000 Turkish technology companies engaged in innovation and R&D in more than 100 technoparks, Kacır aims to foster a thriving technology and entrepreneurship ecosystem in Türkiye. The minister’s ambitious goal is to see 100,000 technology startups born in Türkiye by 2030, with 100 of them surpassing $1 billion in value to become Turcorns.

In addition to the focus on technology ventures, Türkiye is also in advanced talks with Chinese carmakers BYD, Chery, SAIC Motor Corp., and Great Wall Motor Co. for potential factory investments. Kacır emphasized that Türkiye’s customs union with the EU and its advanced automobile industry make it an ideal base for exports into the EU, offering Chinese firms privileged opportunities for battery investments.

As Türkiye continues to position itself as a global player in technology and automotive industries, Kacır remains optimistic about the country’s economic prospects and the potential for accelerated investments in the near future.