Turkey Needs $110B In Energy Investment By 2023

Reuters

ISTANBUL, April 24 (Reuters) - Turkey will need to invest $110 billion in energy projects to help it meet its long-stated goal of becoming one of the world's top ten economies by 2023, President Tayyip Erdogan said on Sunday.

Erdogan has championed a number of ambitious goals for Turkey by 2023, the centenary of the founding of the modern Turkish republic, including boosting annual output to $2 trillion from the current $800 billion.

"As we move forward toward our 2023 goals our energy demand will also increase. Our need for energy investment in that regard has been calculated as $110 billion," he said in a speech in southern Turkish city of Adana broadcast live on television.

Turkey, the world's 17th largest economy according to data from the World Bank, imports almost all of its energy needs, at an annual cost of about $50 billion.

Aiming to curb that, Ankara wants at least 5 percent of its electricity generation to come from nuclear power in less than a decade, reducing its dependence on natural gas largely from Russia.

(Reporting by Akin Aytekin; Writing by David Dolan; Editing by Raissa Kasolowsky)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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