ANKARA - Turkish Industry & Trade Minister Zafer Caglayan said Monday they have established a new coding system in Turkey that will give statistics about economic activities and classify Turkish companies.
The system will also provide international recognition to Turkish companies.
"This is a classification system named NACE which is also used by EU," Caglayan told a joint press conference with Rifat Hisarciklioglu, chairman of Union of Chambers & Commodity Exchanges of Turkey (TOBB), in Ankara.
On the other hand, Hisarciklioglu said companies have to complete this coding in six months.
NACE codes represent the statistical classification of economic activities which serves as a basis for compiling statistics on the production, factors of production (labor, raw materials, energy, etc.), fixed capital formation operations and financial operations of firms and other entities.