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.
