On June 19, Turkey's new incentive package for investments to increase domestic production of heavily import-dependent products was passed by the Turkish cabinet of ministers.
The package, effective as of June 19, 2012, will provide investors with incentives including VAT exceptions, customs tax exemptions, tax reductions, cuts in employers' social security contributions, allocations of sites for investments, and VAT refunds.
Turkish economy minister Zafer Çağlayan said that the Turkish government will be supporting these investments in order to multiply investments with high value added.
Turkish Iron and Steel Producers Association (DCUD) general secretary Dr. Veysel Yayan had told SteelOrbis in a previous comment that he believed the inclusion of the mining industry within the fifth group (ranked in terms of priority of incentives) will provide support for new iron ore and ferroalloy investments in Turkey.