The involvement and participation of international investors is highly encouraged in the massive privatization program. Total revenue generated from privatization program until end of 2006 amounts to USD 26 billion, including dividends and other income.
The Privatization High Council (PHC) is the ultimate decision-making body for privatization in Turkey. The Council, headed by the Prime Minister, is composed of four ministers.
PHC is responsible from the formation of the privatization portfolio and determination of methodology and timing of the privatization procedures. PHC is the body approving the final transfer.
The Privatization Administration (PA) is the executive body for the privatization process. It is a legal public entity with an exclusive budget, reporting directly to the Prime Minister.
PA’s major duties include the execution of PHC’s decisions, advising the PHC in forming the privatization portfolio and restructuring and rehabilitation of enterprises in the portfolio in order to prepare them for privatization.
The principles, procedures, authorized agencies and other issues regarding privatization are regulated in Privatization Law No. 4046, dated 1994, although the privatization program was initiated in 1983. Several other laws have been put into effect, setting out some further regulations to accelerate privatization applications within the scope of Privatization Law, such as laws numbered 4971 and 5398.