The Ministry of Environment and Urbanization in Istanbul announced the opening of a new financial center on the Asian side of the city in the Atasehir district, and the project aims to build the largest financial center in Turkey.
The Turkish government is doing a lot of advanced projects with the aim of developing the country economically and financially, and Turkey is now considered one of the 20 strongest economies in the world.
The new financial center has been built in the Atasehir district on an area of 1.9 million square meters, the project includes commercial buildings, offices for companies, banks, and financial institutions, as well as hotels, shopping, and entertainment areas, and is expected to accommodate around 30,000 people per day, which is a great opportunity to promote business, expand business networks and stimulate economic growth.
The project is characterized by its modern and innovative design, as it was designed in a way that facilitates traffic and improves business quality and the general environment in the financial sector, and the project is considered part of the Turkish government’s projects aimed at developing the infrastructure of the country and promoting economic growth.
Why has the Turkish government built a new financial center?
Turkey is working to make the financial city a new hub for most of the prominent financial institutions and organizations in Turkey, including the Central Bank of the Republic of Turkey (CBRT).
The financial city includes most of the headquarters of public banks such as:
“Ziraat” Bank
“Halk” Bank
“Vakif” Bank
All these features and more are working to make the new financial center the next destination for all financial and economic transactions, and this contributes to improving the Turkish economy, increasing job opportunities, and attracting many international companies and investors to invest in the project, which will certainly increase the demand for logistics, commercial and hotel services in the region.
The importance of Istanbul’s new financial center:
As mentioned earlier, the new financial center will bring together all large companies, and most Turkish banks, and will be the main hub for capital and financial offices and headquarters for many Turkish and international companies.
The importance of the center comes in making all financial events located in one place, and this makes financial dealing easier for Turks and foreigners, and coordination between all financial authorities will be done quickly and regularly.
The center also aims to increase the flow of funds to Istanbul and this will help the city to fully flourish and increase job opportunities.
Due to this project, Istanbul will be the link between all banks and financial institutions and will manage funds in many European and neighboring countries.
The project is located near Sabiha Gokcen International Airport in Istanbul, the Metro, and bus stations, and the new financial center has a modern and advanced design and a strong infrastructure, in addition to providing advanced technical services that allow users to access information easily and effectively.
What are the expected contributions of the international financial center?
Access to international financial centers:
Because Turkey is the link between East and West, this helps to reach all financial centers in the world, and thanks to this location, the time difference is a maximum of two hours with the countries of Europe, Asia, and North Africa.
Reaching customers:
Due to the privileged location of Istanbul, everyone can travel to it in less than 4 hours, and Turkish Airlines is considered safe, reliable, and fast.
In addition, the city has two of the largest airports in the world, and the city provides comfort to all visitors and offers premium hotel rooms, meeting rooms, and high-capacity facilities.
Qualified workforce:
Turkey has a workforce to improve the level of education, and 33 percent of Turkey’s population is younger than 20 years, and 48 percent of Istanbul’s 14 million residents are under the age of thirty, the financial sector employs a total of 180 thousand people led by banks, and 150 thousand people are employed, and with 49 universities in Istanbul, it is a leader in terms of higher education, and the new goal is to add qualified workforce to the IFC in Istanbul.
Regulatory environment:
In order to position Istanbul as an international financial center, updates and improvements have been planned in many areas, a significant part of which has already been achieved, and the new capital markets law is one of the most important steps taken in this regard.
Turkey has come a long way in terms of harmonizing the regulation of the Turkish capital markets with the EU, and new bilateral agreements encouraging cross-border investments and preventing double taxation are being signed every day.
Business infrastructure:
Business infrastructure is a compilation of a business plan and a business process, consisting of human resources, business processes, and operational infrastructure. As part of IFC Istanbul’s strategy, the quality of living, Security, and transportation facilities will be improved, and material conditions will be provided that meet the infrastructure requirements of financial institutions.
In general, the new financial center in Istanbul is a huge and ambitious investment project aimed at strengthening the city’s position as a global financial and Trade Center, and it is expected to have a positive impact on the Turkish economy and on the development of the surrounding region.
The project finds great support from the Turkish government and international investors, as it is considered one of the most prominent projects implemented by Turkey in the current period on the occasion of the celebration of the 100th anniversary of the establishment of the Republic of Turkey.
In conclusion, it can be said that the new financial center in Istanbul represents a great opportunity to promote business, expand trade networks and stimulate economic growth in the region and in Turkey in general, and we expect the project to be successful and will contribute to strengthening the economic and commercial position of Istanbul on a global level.
