German industry giant Bosch is planning to make a $250 million investment in automotive spare parts in Turkey's capital, Ankara, under the Turkish government's new incentive package revealed in early April, according to media reports.
Bosch, which is to manufacture an automotive spare part which is not manufactured in Turkey with an investment to create 8,000 jobs, will contribute to reducing Turkey's current trade deficit by replacing $2 billion of imports of the said product. It is pointed out that the spare parts to be exported to Europe, Russia and the Middle East will also increase the export revenue of the country.
Although Ankara is included in the first zone under the incentive package, Bosch's investment is expected to be under the scope of ‘strategic' investments due to the fact that it is a product that is not manufactured in Turkey and is an investment to cut back imports. Bosch has applied for a site allocation in Sincan Organized Industry Zone in Ankara, while the spare parts plant is expected to be the biggest plant in Sincan.