GDPRInformation Note on the Medium-Term Program (2024 – 2026)

08/09/2023

The Medium-Term Program (“MTP”) covering the 2024 – 2026 period was published in the Official Gazette on 6 September 2023. After analyzing the macroeconomic framework of Turkiye and the world, the MTP envisages a scenario in which inflation is brought under control by reducing demand for the next two years. The main targets for the economy are briefly listed below:

  • Tightening monetary policy to reduce inflation,
  • Raising interest rates,
  • Reducing unemployment,
  • Increasing tax revenues.

 

Among the reform targets determined in various fields, the targets considered to have a significant legal impact within the scope of the MTP are as follows:

  • Targets for Digital Transformation, Cyber Security and Generating a Data-Based Economy
  • Updating the Personal Data Protection Law No. 6698 in accordance with GDPR,
  • Preparation of National Data Strategy and National Cyber Security Strategy and Action Plan,
  • Providing support and incentives for data center and cloud computing investments,
  • Providing central infrastructure and supporting software tools for the digitalization of Small and Medium-Sized Enterprises (SMEs),
  • Updating the Competition Law No. 4054 to align with EU legislation for addressing issues and unfair practices in digital markets.

 

  • Sustainability and Green Transformation Targets
  • Completion of the preparation of fundamental legislation regarding climate change,
  • Harmonization of the National Emissions Trading System with the EU’s Carbon Border Adjustment Mechanism,
  • Making renewable energy incentives and investments more efficient,
  • Updating legislation for monitoring environmental indicators in the manufacturing sector in line with the EU Green Deal,
  • Updating the Green Deal Action Plan to improve the country’s position in export markets,
  • Preparation of a National Circular Economy Action Plan.

 

  • Targets related to the Financial Sector
  • Introducing and popularizing the Digital Turkish Lira,
  • Enacting legislation related crypto assets,
  • Commencing securities issuance through blockchain-based smart contracts,
  • Supporting fintech startups operating based on participation banking principles,
  • Increasing support for foreign currency earning services.

 

  • Targets within the Scope of the Business and Investment Environment
  • Updating the Labor Law No. 4857, considering new working models such as remote or hybrid work,
  • Developing a digital infrastructure in the field of electronic commerce and strengthening the payment and logistics infrastructure to support exports,
  • Accelerating the commercialization of intellectual property rights by strengthening the legal infrastructure in the intellectual property system,
  • Completion of efforts to effectively protect trade secrets,
  • Adopting the approach of supplying from friendly and close countries in foreign trade.
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