Turkey: Industrial firms restarting production

ISTANBUL

Turkish industrial companies, which suspended businesses to stem the spread of coronavirus, are resuming production amid slow infection spread and easing of restrictions around the world.

According to data compiled by Anadolu Agency from Public Disclosure Platform (KAP), as many as 16 companies, which are listed in Borsa Istanbul, either have or will restart operations in the first week of May.

At least three of these companies took up gradual production, while the production in most of the 16 plants of the remaining 13 companies have already begun.

The number of factories that started operating one after another is expected to increase, thanks to the financial support provided by Turkey.

President Recep Tayyip Erdogan’s Economic Stability Shield package, which is worth 100 billion liras (nearly $15 billion), helped companies cope up with the economic fallout of the virus that has claimed over 200,000 lives worldwide.

Meanwhile, Borsa Istanbul's BIST 100 index, which fell below 90,000 in mid-March due to the pandemic, has surpassed 100,000 points after positive developments.

The benchmark stock index closed the day at 101,267.36 points on Monday, up by 13% compared to the end of March.