TURKISH GOVERNMENT INTRODUCES A TECH VISA TO ATTRACT FOREIGN ENTREPRENEURS

Thu 03 October 2024:

Türkiye has launched a new tech visa program to attract foreign entrepreneurs, aiming to boost its economy and innovation sector.

Industry and Technology Minister Mehmet Fatih Kacir announced the initiative earlier this week, offering expedited work permits for up to three years for foreign nationals starting businesses in the country. The program includes tax benefits, mentoring, healthcare coverage and access to innovation centers.

Government officials say the goal is to enhance local workforce capabilities and diversify the innovation ecosystem. The move comes as part of a broader strategy to address brain drain concerns, with thousands of highly educated Turks, particularly doctors and engineers, leaving for opportunities in Europe in recent years due to the country’s economic woes.

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Accepted entrepreneurs will receive six months of consultancy on legal, financial, and technical aspects of their businesses. Kacir said the program aims to “transform Türkiye into an epicenter of global attraction.”

In 2023, Türkiye ranked 12th in Europe for startup investments, with Istanbul placing sixth among European cities.

Istanbul entrepreneur Murat Belen told Xinhua that foreign entrepreneurs with expertise in new technologies are welcome, as research and development in Türkiye lag behind advanced countries, adding that he has observed that people from Eastern Europe and Asian countries “are showing increased interest in establishing startups in Türkiye.”

The tech visa complements the Digital Nomad Visa introduced in April, allowing foreigners to live and work temporarily while serving international clients.

Ankara-based entrepreneur Tekin Kahraman highlighted Türkiye’s strengths in sectors including defense, aviation, space and fintech.

The government aims to foster 100,000 tech-driven startups by 2030, with at least 100 reaching a valuation of 1 billion U.S. dollars or more. Currently, six startups in Türkiye meet that criterion.

Kahraman suggested foreign entrepreneurs may find opportunities to collaborate with local professionals in Türkiye, which has Europe’s youngest population despite an aging trend.

“It may be a mutually beneficial opportunity for both sides to exchange knowledge in a country where patent applications for innovative technologies are reportedly on the rise,” he said.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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