BECOMING A GLOBAL CENTRE OF ATTRACTION

Having become integrated into the world economy to a great extent, and already an active world city, Istanbul aims to surpass this position and become a globally decisive economy. Becoming a strategic actor in the global economy cannot be achieved by supplying low quality goods in the world economy and being a location for liaison offices only. To this end, Istanbul has to follow the right growth strategy. Istanbul has chosen creativity and innovation-oriented economic growth until 2023. For this purpose Istanbul wants to be a centre of innovation, creativity and high value-added activities, and to expand the transfer of knowledge and technology. To achieve this, it is aimed to accelerate economic development through the attraction of local and international investments and workforce that carry the potential to make this transformation. This concentration of investments and workforce will enhance high value added activities in all sectors of the economy by generating innovation and creativity oriented positive externalities. In this respect, being a global centre is crucial. Istanbul aims to attract regional headquarters that have regional and global decision-making power, and appeal to a wide geography. Thus, in addition to integrating into the regional and global decision-making process, Istanbul would generate new employment and investment opportunities. For all these reasons, improvements in the investment environment and doing business in Istanbul are of paramount importance. Enhancing quality of life in Istanbul is the key to boosting both the efficiency of the economy and the magnetism of Istanbul. In 2023, high value-added and higher-yielding sectors such as finance, tourism, logistics, health and education will play a key role towards Istanbul becoming a strategic actor in the global economy. It is necessary to implement the strategies elaborated at national and local level for these sectors that are supported by national policies, and that came to the fore with regional dynamics. In Istanbul, which envisions becoming one of the world’s leading financial centres, financial services play a vital role in the general functioning of the economy, by ensuring the effectiveness of funding mechanisms, and at the same time these services create higher incomes and employment. Istanbul, as the region where Turkey’s financial services are clustered, has the potential to become a global centre in this sector. In the IFC Strategy and Action Plan, it is projected that Istanbul will be firstly a regional and ultimately a global financial centre. For Istanbul to become a global centre in financial services, the preparation process should be completed, and the IFC Project should be fully implemented after the preparation process.