By Justin Mays
Last week the Turkish Treasury and Finance Ministry unveiled the country's ambitious Economic Reform Action Plan calendar to grow the economy based on investment, production, employment, and exports. The roadmap for relevant ministries and institutions was also determined.
Covering several measures under ten main subjects: public finance, price stability, financial sector, current deficit, employment, corporate governance, investment incentives, easing internal trade, competition, and market surveillance and inspection titles, the ministry's action plan will be completed by March 2023.
The action plan is the follow-up to President Erdogan's new economic reform project announced earlier this month.
Several key points of note are most significant for foreign investors considering real estate investment in Turkey or gaining Turkish citizenship by buying property. There will be better market surveillance with new minimum safety conditions, improved concerns for human health and property, and environmental and consumer safety for market products.
Price stability will also be a focal point with establishing the Price Stability Committee as of June 2021, including forming an early warning system to prevent price fluctuations due to climate, diseases, and harvest disasters. Additionally, corporate governance will be strengthened by June 2021 by establishing a Financial Stability Committee to deepen markets and increase savings alongside an Economic Coordination Committee chaired by Turkey's vice president. This is to ensure the coordination and success of the country's mid-term program, annual program, and development plan.
Plans to decrease the current deficit, build an even stronger health industry, improve employment opportunities, bring innovation to the workforce and protection for a golden well-functioning supply chain in domestic retail trade and lucrative investment incentives round out this impressive plan.