Turkey is one of the most important players in the global manufacturing industry. Most Turkish companies in the manufacturing industry produce automotive parts and metals, with steel being one of the most important products. This is one of the reasons for with the Ministry of Industry and Technology intends to transform Turkey into the largest steel producer in Europe. Our lawyers in Turkey can help foreign investors who want to open manufacturing companies in this country.

Steel sector is one of the main beneficiaries of the High Technology Industry in Transition Program

During the Turkey Steel Industry summit, the minister for industry and technology announced the new High Technology Industry in Transition Program which centers around the manufacturing industry and its transformation into the most important industry in the world. One of the successful branches of this industry is steel production, which is why the transformation should begin here, according to the minister. Moreover, Turkey would become one of the largest producers of steel once the program is launched.

The minister argued that the steel sector is one of the representative branches of the manufacturing industry in Turkey and that it sets the tone for companies in need of innovative technology. Moreover, iron and steel production are of high importance for the European Union which is why catering to this market would lead to Turkey’s becoming the most important player in the steel industry in the world.

Turkey was the 8^th largest steel producer in the world in 2017

Ranking as the 2^nd and 8^th largest producer of steel in Europe, respectively in the world in 2017, will help Turkey consolidate and even increase its position through the new High Technology Industry in Transition Program in the near future.

2017 was one of the best year for the steel production sector in Turkey which secured 45,000 jobs, brought 13,4 billion USD to the economy after companies exported 18,3 million tons of steel which represented 9% of the total exports of the country. Turkey also imported 11 million tons of iron ore and 20 million tons of scrap used in the production of steel.

For full information on the opening a company in the manufacturing sector, please contact our law firm in Turkey.