9 May 2012Representatives of the world's leading financial companies have expressed that they had full confidence in Istanbul as an upcoming major financial center.
Speaking at a meeting on Istanbul and turning this Turkish city into an important financial center, the Director General of J.P. Morgan, Michael Marrese, said that London and New York were the world's most important financial centers.
"However, as J.P. Morgan, we believe that Istanbul is also an important financial center. We think that every step towards making Istanbul a major financial center is crucial," Marrese noted.
Among the world's leading financial centers are London, New York, Tokyo, Frankfurt, Dubai, and Doha. Istanbul ranks 61st among the world's financial centers, Marrese stated.
Istanbul needs to compete with international financial centers as Doha and Dubai in order to become a prominent financial center, Marrese said.
In order to become a financial center, it is crucial for Istanbul to become the center of international commercial projects, Marrese also said.
On the other hand, World Bank Turkey Director Martin Raiser said that Turkey's geographical position carries high importance to make the country a financial center.
Turkey's current account deficit is rapidly decreasing and this is good news. Direct foreign investments in Turkey would play an important role in making Istanbul a financial center, Raiser added.
Meanwhile, also speaking at the meeting, the Middle East Manager of Mckinsey & Company, Hans Martin Stockmeier, said that he lived in Istanbul and Dubai for eight years.
Dubai became a financial center by taking advantage of the war atmosphere in Lebanon. I believe that Istanbul has a good chance of becoming a global financial center soon, Stockmeier stressed.
In the 1990s, Turkish exporters did not even look at the Middle East and they were mainly focused on Europe. I do believe that Turkey's opening to the Gulf countries and the Middle East would make Istanbul a financial center, Stockmeier also said.
Located on two continents (Europe and Asia), Istanbul is the largest province in Turkey. It is the economic, cultural and historical heart of modern day Turkey with a population of over 14 million.