In a bid to boost self-reliance and reduce imports, Turkey has announced a comprehensive strategy aimed at boosting domestic production in energy, commodities and other key sectors, according to a new roadmap it recently unveiled.
Boost production and reduce imports
The medium-term program for 2025-2027, unveiled last week, points to a multi-dimensional approach aimed at reducing demand for imported consumer goods, while stimulating domestic production of essential resources such as oil, natural gas and minerals, the Turkish newspaper Daily Sabah reported.
According to the program, Turkey will intensify exploration and production activities, both domestically and abroad, with the aim of integrating these resources into the economy to add value and drive growth.
The value of Turkish imports during the first half of last year reached $267 billion, according to the newspaper, which shows the size of the challenge that Turkey seeks to confront by reducing its dependence on imported goods. In contrast, the plan aims to increase exports and enhance the role of the services sector in supporting the economy.
Encourage competition
According to Daily Sabah, Türkiye is also working on:
- Aligning its economy with European standards on the digital economy and the European Green Deal.
An important objective of the programme is to establish a national emission reduction system in line with the EU’s Carbon Border Adjustment Mechanism, which will help Turkey transition to a more sustainable and competitive economy.
- The programme also focuses on promoting high-tech production and adding higher value, as the financial tools available to exporters will be expanded to mitigate potential burdens resulting from new carbon pricing mechanisms.
- The plan also includes diversifying export markets and supporting initiatives aimed at promoting the “Made in Türkiye” brand globally.
Addressing the current account deficit
A key element of the economic roadmap is reducing dependence on imports, particularly in strategic sectors.
For this reason, Türkiye seeks to boost domestic production of minerals and basic materials to ensure stable supplies.
The report indicates that the Turkish Sovereign Wealth Fund will play a pivotal role in this strategy by investing in mining projects, which will help reduce dependence on imports, improve the trade balance and reduce the current account deficit.
In a move aimed at enhancing investment security in the mining sector, a new regulatory framework on mining exploration will be introduced, providing a clear and precise environment for investors.
Energy diversification and support for local production
Turkey also plans to expand nuclear power capacity in its electricity generation portfolio, while developing new projects and technologies to increase the localization of equipment used in nuclear power plants, according to Daily Sabah.
In addition, Turkey plans to ramp up local production of all railway system vehicles, including high-speed trains, metros and trams, further strengthening its commitment to boosting its domestic manufacturing capabilities.
In the entertainment sector, Turkey seeks to market itself as a prominent center for film production by supporting international projects, in a strategic move aimed at tapping into the thriving global market for media and entertainment.
