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Turkey to set up 5 funds to support technology initiatives

16-09-2019 | admin

Turkey plans to establish five funds worth 1.1 billion lire (about $200 million) to support technological initiatives, Turkish Industry and Technology Minister Mustafa Warank said.

In an interview with Anatolia, Warank explained that the creation of funds is part of the venture capital support program.

Last year, the world's venture capital investment swelled to $251 billion, and that value remained in Turkey at $59 million, he said.

He said funds need to be established so that R&Amp;D products can contribute to the country's economy.

Turkey's goal of these funds was to create initiatives worldwide.

He confirmed that the funds will be supported by the Turkish Ministry of Treasury and Finance and the Turkish Scientific and Technological Research Foundation (Tobitak).

Source/Anatolia News Agency