German industrial giant Bosch, one of the first foreign companies to show interest in the government’s new incentive scheme, plans to invest $250 million towards a plant that will produce spare automotive parts currently being imported.
The facility is expected to employ 8,000 people, according to daily Hürriyet.
Bosch is likely to take advantage of the government’s 5th zone incentives for “strategic investments,” reports Hürriyet.
The German company is expected to make $2 billion in export revenue from the spare parts it will produce in its Ankara facility. Currently Turkey imports these spare parts, meaning Bosch’s local production will ease the country’s current account deficit and ensure the country receives foreign exchange from the exports.
The spare parts manufactured at the plant will likely be exported to Europe, Russia and the Middle East. Bosch has asked for around 809,000 square meter of land to build its facility. If it gets the green-light, Bosch’s plant will be the largest in Ankara’s Sincan Organized Industrial Zone.
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