Turkey Unveils $14 Billion Development Initiative

Turkey has announced a $14 billion regional development plan aimed at addressing economic disparities in its predominantly Kurdish southeast, which has long lagged behind the rest of the country. The initiative, unveiled by Industry Minister Fatih Kacır, will fund 198 projects by 2028, with expectations of raising annual per capita income by $1,400 in a region where current income stands at about $4,971, significantly lower than the national average of $13,243. The plan coincides with increased hopes for peace with the Kurdistan Workers' Party (PKK), as Turkish lawmakers recently met with the group's imprisoned leader, Abdullah Ocalan, potentially paving the way for disarmament. Improved economic conditions and stability in Syria are also seen as beneficial for these efforts. In tandem, Turkey's stock market reacted positively, with the BIST 100 index rising amid these developments, reflecting improved investor sentiment. The initiative is viewed as both an economic and political strategy to foster regional integration and stability.