By. Justin Mays
Last week the Turkish Treasury and Finance Ministry unveiled the country's ambitious Economic Reform Action Plan calendar aimed at growing the economy on the basis of investment, production, employment and exports and the roadmap of relevant ministries and institutions has been 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 the new economic reform project announced earlier this month by President Erdogan.
Most significant for foreign investors considering real estate investment in Turkey or to gain Turkish citizenship by buying property are several key points of note. There will be better market surveillance with new minimum safety conditions with improved concerns for human health and property, environmental and consumer safety for market products. Price stability will also be a focal point with the establishment of the Price Stability Committee as in June 2021 including the formation of an early warning system for preventing price fluctuations due to climate, diseases, and harvest disasters. Additionally, corporate governance will be strengthened in June 2021 with the establishment of a Financial Stability Committee to deepen markets and increase savings alongside an Economic Coordination Committee chaired by Turkey’s vice president to ensure 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, improved employment opportunities and bring innovation to the work force and protections for a fair well-functioning supply chain in domestic retail trade and lucrative investment incentives round out this impressive plan.