Aiming for $60 billion by 2023, Turkey R&D spending grows by a third

Investment in research and development (R&D) grew 29 percent in 2013 to reach TL 5.8 billion, though Turkey has a long way to go to reach its ambitious R&D targets for 2023.

R&D funding climbed to 0.37 percent of Turkey's gross domestic product (GDP) in 2013.

This remains well below Ankara's goal of 3 percent by 2023, the year Turkey celebrates the centennial of the establishment of the republic. It is estimated that 3 percent of GDP will be $60 billion in 2023.

According to a Turkish Statistics Institute (TurkStat) study released on Wednesday, budget allocations for R&D amounted to TL 5.8 billion on R&D in 2013, an increase of 28.9 percent from 2012.

The study, based on data provided by public institutions, also shows that Turkey has allocated an estimated TL 5.52 billion for R&D for 2014.

The lion's share of public R&D funding -- 38 percent -- is allocated to universities, followed by the defense industry at 24.5 percent and industrial production and technology at 16 percent.

Indirect R&D support through tax incentives and exemptions, reductions in R&D workers' income taxes and social security contributions cost TL 923 million in 2013. Indirect R&D support has been estimated to be at TL 1.17 billion for the year 2014.