Last Updated on 20/04/2023
The Turkish government has set a challenging goal to improve economic sectors, including energy, trade, real estate, foreign policy, tourism, etc. To clarify, this was proclaimed in 2013 by then-Prime Minister (now President) Recep Tayyip Erdogan. He then stated his willingness to realize this vision by 2023. It would coincide with the 100th anniversary of the Turkish Republic’s founding. Consequently, “Turkey’s 2023 vision” is the name given to this agenda. It is built on several objectives that contribute to a single constitutional aim. Turkey’s 2023 vision aims to make The country one of the top ten performing economies in the world. That would be possible by achieving the following core objectives:
– Achieve single-digit interest and inflation rates.
– Export $500 billion worth of goods each year.
– Decrease the jobless rate to 5%.
– Have a workforce of 30,000 people.
Turkey’s 2023 vision in Real estate
The real estate sector is one of Turkey’s 2023 vision pillars. Recently, the Turkish real estate market has been highly active and profitable. In fact, between 2014 and 2019, the Turkish real estate sector recorded the sale of 6.6 million residential units. Yet, foreign investors have purchased 137,869 of them.
Recently we noticed the construction of many high-quality residential projects and the rehabilitation of many areas. These operations are among the preparations for Turkey’s 2023 vision. In fact, the Turkish government established new laws to encourage foreign investment in the real estate market. Moreover, We should note the incentive legislation relative to Turkish Citizenship in this context. The Turkish government reduced the minimum real estate value required for Turkish citizenship eligibility from $1 million to $250,000.
Learn more about the Real estate sector in Turkey.
Turkey’s 2023 vision in other sectors
Energy
Within Turkey’s 2023 vision initiatives, the government has invested a lot in this industry by establishing a privatization plan. This policy offers investors various incentives in the energy sector if they meet the following goals:
– Increase renewable energy to 30% of total energy.
– Increase the usage of hydropower.
– Produce 20,000 megawatts of wind power, 1000 megawatts of geothermal energy, and 5000 megawatts of solar energy.
– Create an energy stock exchange.
Tourism
Tourism is one of the most fruitful sectors of the Turkish economy. Despite minor setbacks in 5015 and 2016, the country has enjoyed a string of great seasons since 2017. This is why Turkey’s 2023 vision relies on tourism. The government aims to host 50 million visitors and generate $ 50 billion in revenue every year. Furthermore, It intends to increase the available number of beds to 1.5 million and construct 40 additional marinas by 2023.
Finance and trade
Turkey’s 2023 vision aims to make Istanbul a global financial center that competes with Wall Street in the United States. It entails registering around 1000 Turkish companies on the Istanbul Stock Exchange and expanding exports. Moreover, It aims to develop markets and products by having at least 10 Turkish global brands by 2023.
Transportation network
The transportation network is highly prioritized in Turkey’s 2023 vision to make travel easier and faster. İn this context, the Turkish government succeeded to built 58 airports spread across the country. Note that the most notable one is Istanbul airport. It is expected to be the world’s largest airport once all the stages are completed. Moreover, ambitions in this sector include expanding railway lines to a total length of 25000 kilometers. It also intends to extend highways to 7500 kilometers and high-speed railway tracks to 10000 kilometers.
Furthermore, the transportation project includes other massive projects such as the Istanbul channel, the three-level Istanbul tunnel, and the Dardanelles Bridge, which will be the world’s longest suspension bridge.
Education
Education is one of the main challenges in Turkey’s 2023 vision. There is a belief that a good education is the foundation of every prosperous nation. That’s why Turkey’s 2023 agenda aspires to improve education by constructing 200 universities and achieving a literacy rate of 100 percent for people under 50.
Learn more about the education system in Turkey.
Foreign policy
To make Turkey’s 2023 vision a reality, the Turkish government has reached out to several countries for international assistance. We’ve seen fresh alliances and economic transactions formed with Saudis and Africans and new friendships, most notably with the Chinese. In fact, they have lately begun to invest heavily in Turkey, particularly in the real estate sector.
Turkey’s 2023 vision; a dream or an achievable ambition
When it comes to echos regarding Turkey’s 2023 vision, attitudes are very controversial. Certain experts consider it irrealistic. However, others believe it’s an attainable goal due to Turkey’s remarkable development since 2010.
Following Turkey’s current situation, several facts point to a brighter future for the country. This leads us to believe many aspects of Turkey’s 2023 vision will meet the set date. Yet the agenda might have delays of a few years.
The poverty rate has officially decreased to less than 5%. Furthermore, the country reached high school attendance rates with 99 percent in primary schools and 80 percent in senior institutions.
The healthcare sector has also benefited from the creation of universal healthcare and the modernization of several institutions. Doctors per 100,000 inhabitants climbed from 176 in 2013 to 181 in 2015, with a goal of 200 by 2023.
When it comes to transportation, several planned projects, such as tunnels beneath the Bosporus and bridges over Gebze and Canakkale and the Bosporus, have been built on time. Moreover, A total of 2000 kilometers of high-speed lines have been built out of a total of 5000 kilometers.
As previously said, the country is making significant efforts to realize Turkey’s 2023 vision. Despite serious shortcomings, experts expect Turkey to become a developed European country in less than a decade.
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