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Defense exports in Turkey are expected to exceed $4 billion this year, up from $248 million 20 years ago, according to President Recep Tayyip Erdogan.

Erdogan stated at the Turkish Exporters' Assembly's (TIM) Innovation Week in Istanbul that the number of defense companies has increased from 56 to over 1,600 in the last two decades.

TOGG, the country's electric vehicle project, will hit the road in a few months, he said. The project began in 2018 and entered mass production last October.

Concerning the country's oil reserves, he stated that production will be increased to 100,000 barrels per day next year.

The President emphasized that Turkey will address the high cost of living issue, which is a global issue affecting Europe and the United States, step by step, adding that, "We will continue our struggle with determination until we include Türkiye among the top 10 economies of the world."

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Head of TIM, Mustafa Gultepe, said at the event that Turkey's overall export target for 2022 was $250 billion. He went on to say that manufacturing should be enriched with innovation, design, technology, research and development, and well-educated workers.

In the new era, competition will not only be price-oriented, he said.

Those who act innovatively and invest more in human resources will be industry trailblazers, he added.

The event recognized 15 companies in five categories: innovation strategy, innovation organization and culture, innovation circle, innovation sources, and innovation results.