Istanbul can link financial market says Erdogan

Istanbul, The Gulf Observer: With a new landmark financial center in Istanbul, Türkiye’s president has said that the metropolis could help serve to form ties between financial markets in the world.

Speaking at the opening ceremony of the first phase of the Istanbul Finance Center (IFC) on Monday, Erdogan said the center of global finance was clearly shifting from West to East.

Increasing commercial competition between Asia and Europe and the geopolitical position of Türkiye creates new opportunities for Istanbul, the president noted, pointing to bustling city’s position as a geographical and commercial bridge between the two continents.

The IFC is a visionary project to strengthen Türkiye’s place in the world economy and to make the country a regional and financial center, Erdogan said of the project, under which massive skyscrapers and other buildings were erected on the Asian side of Istanbul for financial bodies, including the Central Bank and public lenders.

Run by the Türkiye Wealth Fund and developed in coordination with the Environment, Urban Planning and Climate Change Ministry, the IFC project was launched in 2009.

Erdogan stressed that the financial center would make major contributions to the Turkish economy with domestic and foreign financial institutions.

It will create a new ecosystem in Istanbul, linking Asia, Europe, as well as Africa, and increase the country’s potential to attract investment, he said.

The center, which builds with an investment worth 65 billion Turkish liras ($3.3 billion), is the country’s most prestigious project and is likely to be a hub for participation finance and fin-tech.