Turkish govt says to create 'free economy zones'

Turkish Economy Minister Zafer Caglayan has said that they were working on a new concept for the free trade zones.

Turkish govt says to create 'free economy zones'

Turkish Economy Minister Zafer Caglayan has said that they were working on a new concept for the free trade zones.

In an interview with the A.A, Caglayan said, "we will remove the concept of 'free trade zone'. Instead, we will use 'free economy zones'. Two weeks ago, we visited the world's biggest free-trade zone in South Korea."

"This project will help us decrease current deficit and draw more direct foreign investments. It includes trade, tourism, logistics, communication and industry in different provinces. We also want to include development agencies in this process," he said.

Caglayan said that they prepared a prototype for the southern province of Mersin. "We will build a structure including offices, commercial centers and residences. These structures will serve as a transfer center. I mean that we will build places like Dubai, Singopore, Rotterdam and Los Angeles," he said.

"We will also build the world's biggest container ports in Mersin with a budget of 2.9 million euro and with a capacity of 12 million containers," he added.

Free trade zone is an area of a country where some normal trade barriers such as tariffs and quotas are eliminated and bureaucratic requirements are lowered in order to attract new business and foreign investments. It is a region where a group of countries has agreed to reduce or eliminate trade barriers. Free trade zones can be defined as labor intensive manufacturing centers that involve the import of raw materials or components and the export of factory products.

Turkey's biggest free-trade zones are Europe Free-Trade Zone, Istanbul Leather and Industry Free-Trade Zone and Aegean Free-Trade Zone.

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Last Mod: 22 Ağustos 2011, 12:05
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