Turkey has announced an ambitious multi-billion dollar program to support the country's domestic hi-tech industry.

The government will take the initiative to support these industries and reduce the imports of smart phones, tablets, computers, fiber-optics and household electronic devices which could be manufactured locally.

Unveiling the details, Turkish Minister of Economy Nihat Zeybekci said new incentives will be soon be announced for the hi-tech exports with a budget of $3.5 billion.

These funds will be funnelled to takeovers of foreign hi-tech companies in the coming five years, the minister affirmed.

He added the measures have been taken to levy high taxes on imported products and counter dumping by foreign state-owned hi-tech companies within two months.-Reuters