Turkey’s tech industry has been quickly becoming a force to be reckoned with during recent years, due to its remarkable contributions on the global stage. With significant investments towards building a robust tech infrastructure, the country has emerged as a figure to be taken seriously in the technology industry. The efforts have yielded impressive results, with many successful startups and innovative projects gaining worldwide attention.
Initiatives to Develop the Tech Sector
Turkey has implemented various initiatives to develop its tech sector and attract international investors. One of such initiatives is the government-sponsored Technology Development Zones (TDZ), which provide a favorable environment for technology startups and companies. These zones offer tax breaks, access to funding, and a range of other incentives.
Moreover, the country has also been investing in research and development, with the government allocating a significant portion of its budget to the tech sector. In addition, Turkish universities are collaborating with tech companies to drive innovation and develop new technologies.
Strategic Location and Favorable Business Climate
Turkey’s strategic location between Europe and Asia has made it a gateway for companies looking to expand into both markets. The Turkish government’s investment in research and development and its supportive policies towards the tech industry has resulted in impressive growth and made Turkey a hub for startups and tech companies.
Istanbul, the largest city in the country, has been dubbed the “Silicon Valley of Europe” due to its growing tech scene, which is home to many incubators and accelerators providing startup resources and support.
Successful Turkish Tech Companies
Some notable Turkish tech companies include Peak Games, a mobile gaming company that Zynga acquired for $1.8 billion in 2020; Insider, a marketing technology company that has recently raised over $12 million in funding; and Getir, a grocery delivery app that raised $550 million in a funding round led by Sequoia Capital, valuing the company at $7.5 billion.
Record Funding Despite COVID-19 Pandemic
The country’s tech sector is attracting global investors who recognize the opportunities for growth and innovation in this market. Despite the challenges posed by the COVID-19 pandemic, Turkey’s tech startups raised a record $350 million in funding in 2020.
This success is partly due to the favorable business climate in Turkey, a young and educated workforce, low operational costs, and a growing market.
Investing in Turkey’s Tech Industry
For those interested in investing in Turkey’s tech sector, obtaining a Turkey visa is a straightforward process that can be done easily online through services provided by platforms such as [iVisa]. This can simplify planning and reduce stress, allowing investors to focus their energy on breaking into Turkey’s thriving tech sector.
By investing in Turkey’s tech industry, international investors can tap into a market with enormous potential for growth and innovation and contribute to the country’s continued success in the years to come.
With a supportive government, strategic location, and an established ecosystem of startups and tech companies, Turkey is well-positioned to continue its impressive growth trajectory in the tech industry. The country’s tech sector is attracting global investors who recognize the opportunities for growth and innovation in this market. As Turkey emerges as a global tech hub, it is an excellent time for investors to seize the opportunity and invest in the country’s burgeoning tech industry.
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