Foreign Capital Dept. to be Formed in Prime Ministry

The government taking important steps in removing obstacles facing foreign capital is about to implement another new reform. A department to be directly involved with foreign capital is to be established in the Prime Ministry. The Investment Promotion Agency will be the only address for companies planning to undertake investment in Turkey. The government, aiming at a capital entry of $15 billion in the next two years, intends to remove obstacles slowing down business that originate from the bureaucratic structure. The agency will also conduct promotional activities in various countries regarding the investment atmosphere and opportunities in Turkey, and the agency's internet site "www.investinginturkey.gov.tr" is about to start operating. In the frame of the project, Foreign Capital General Directorate connected to State Minister Ali Babacan will be included under the umbrella of the Investment Promotion Agency. Prime Minister Recep Tayyip Erdogan will meet the Association of Foreign Capital Chairmann Saban Erdikler at the 25th anniversary reception of the association to be held in Ankara on November 29. "Even though obstacles before foreign capital are being removed, troubles concerning different ministries may occur. This department will reduce the bureaucratic time delays even further," Erdikler asserted.

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