Türkiye unveils economic plan for 2025-27, aiming to reduce import dependency

Türkiye has unveiled the medium-term program (MTP) on Sept. 5, outlining the economic roadmap for 2025-2027.

Prepared by the Finance Ministry and the Presidency of Strategy and Budget, the program sets key economic targets – with a focus on reducing import dependency.

One of the primary goals is to maintain import levels that align with macroeconomic objectives while ensuring supply security.

The program promotes domestic production of critical commodities, particularly energy, and aims to curb the demand for imported consumer goods.

Focus on local production

Key measures include boosting local production in rail systems and forming new partnerships in critical minerals.

To secure the supply of these minerals, the government plans to collaborate with the Organization of Turkic States (OTS) and attract international direct investments.

The Türkiye Wealth Fund (TWF) will also invest in new mining projects, supporting efforts to reduce imports, improve trade balance, and address the current account deficit.

Further exploration of natural resources

The program further calls for increased exploration and production of oil, natural gas and mining resources both domestically and abroad.

The aim is to add high-value reserves to the economy. New regulations will centralize the management of natural resources, with mining exploration deemed a public interest activity. A new framework will enhance investment security in the mining sector.

Nuclear energy plays key role

Nuclear energy will play a larger role in electricity production. The program includes plans to boost nuclear capacity and develop new projects and technologies.

Domestic production of equipment for nuclear power plants will also be increased.

Domestic high-speed train project

Meanwhile, Transport and Infrastructure Minister Abdulkadir Uraloglu recently announced that the design phase of the domestic high-speed train project is nearly complete.

Assembly is set to begin in late 2024. After static tests, the train will undergo dynamic road tests in 2025.

Uraloglu added that the high-speed train, produced by Türkiye Rail System Vehicles Industry Inc. (TURASAS), will reach speeds of 225 kilometers per hour (139.8 miles per hour) and accommodate 584 passengers in eight wagons.