Set to be the largest technology park in Turkey and one of the largest in Europe, Teknopark Istanbul’s first phase will be operational by the end of August.
Set to be the largest technology park in Turkey and one of the largest in Europe, Teknopark Istanbul’s first phase will be operational by the end of August. Under construction on the Asian side of Istanbul, the site will ultimately house the research and development (R&D) labs of about a thousand local and foreign companies from technology-intensive sectors. The first of the total four phases of the high tech site is fully booked by a hundred companies, ten of them foreigners, according to Turgut Senol, Director General of Teknopark Istanbul. “Teknopark Istanbul aims to establish a comprehensive R&D capability and added-value creation in Turkey..”, Senol said about the project, scheduled to be completed by 2023. The 950,000-square meter indoor space will accommodate some 30,000 personnel engaged in R&D projects for strategic sectors including defense, ICT, electronics, energy, biotechnology, aviation and aerospace.
Jointly developed by the Undersecretariat for Defense Industries (SSM) and the Istanbul Chamber of Commerce (ITO), along with academic input from several universities in Istanbul, Teknopark Istanbul offers tax exemptions and reduced operating costs to its resident companies under Turkey’s extensive investment incentives system. Located next to Sabiha Gokcen Airport and in close proximity to major land and sea routes, the USD 4 billion project also gives its investors the full benefit of Turkey’s strategic location.
Teknopark Istanbul is expected to generate USD 10 billion of annual income when it becomes fully operational.