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TURKISH ECONOMY / MACHINERY

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The initiation of the Turkish machinery industry dates back to the 1950's. The first large scale industrial investment in the Turkish Republic following its foundation in 1923, came through Machinery, Chemical Industry Institution (MKEK), a completely governmental institution. The private industrial sector evolved after the decree relating to the assembly industry was announced in 1964. The machinery industry boomed during the second five-year development period with the establishment of manufacturing plants by state and private enterprises for sugar processing machinery, pumps and diesel motors, boilers, ovens, hoisting and conveying machinery, storage tanks, pressurized tanks, machine tools, etc. Within the framework of the guidelines set out by the new strategies applied after 1980, the import substitution policy, which had dominated the Turkish industrial sector, was abolished and replaced by the "Export Oriented Industrialization" policy capable of integrating the Turkish economy with world industry and trade. The total amount of machinery industry exports was $548 million US in 1994.

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