Statement on Project-Based Incentives Awarded to DowAksa

Statement of DowAksa Chairman Mehmet Ali Berkman on Project-Based Incentives Awarded to DowAksa

We are happy and honoured to be accepted into the “Project Based Incentive System”, announced by H.E. President Recep Tayyip Erdoğan. We sincerely believe that the “Project Based Incentive System” will support the economic and social development of our country and strengthen its place in global commerce.

Produced by DowAksa in Turkey, carbon fiber is a strategic product used in large scale industries like aerospace, defense, infrastructure, automotive and renewable energy. Carbon fiber is used for lightweighting, while simultaneously improving the strength and stiffness of the final product versus competive materials like steel and aluminum. This value added product is produced by DowAksa in Yalova with advanced technology originated 100% by Turkish engineers.

With the support of this unique incentives program, we intend to make a 535 million USD investment at our campus in Yalova. The investment will be made gradually through 2023, raising our capacity from 3,500 tonnes to 13,400 tonnes. This increased capacity will raise our share of the global market to approximately 10%. It will also generate employment, creating more than 400 new jobs at DowAksa.

With our new investment, we will continue to add value to the Turkish economy and secure the supply of carbon fiber for our future national and global interests.

With the incentives granted by our government, we will become one of the prominent players in the advanced composites sector, a sector which requires advanced technology investment and is dependent on the supply of carbon fiber to meet critical commercial and defense needs. With our new investment, we will continue to add value to the Turkish economy and secure the supply of carbon fiber for our future national and global interests. We would like to express our thanks to all government officials, especially our President Recep Tayyip Erdogan, for supporting our work which empowers the Turkish economy. We hope and expect our new investment will bring continued prosperity to our country.