Turkey's economy beats in Istanbul
The world’s only city based on
two continents, Istanbul is the heart of the Turkish economy, providing
a substantial proportion of Turkey’s trade volume, several indicators
reveal. Besides being a center of culture, arts and history, the city
draws attention of investors with its demographic characteristics as
well as its location
ISTANBUL – Anatolia News Agency
Istanbul, which has a crucial status since it connects two continents,
Asia and Europe, is the heart of Turkey in many areas particularly in
terms of the economy, various figures reveal.
As the world's only city
situated on two continents, Istanbul has recently developed particular
activities to turn the city into a finance center under the leadership
of the Banks Association of Turkey (TBB). The city, more crowded than
several European countries with a population of over 12 million, is
drawing attention with foreign investments it has attracted in recent
years.
The Istanbul Stock Exchange (IMKB) reached a transaction
volume of YTL 387.8 billion as of December 2007, while the IMKB
National 100 Index ranked 11th among 60 world bourses, with an annual
gain of 42 percent.
Key city for trade
“Istanbul is
the heart of the economy today, handling almost 60 percent of Turkey's
aggregate exports and imports,” said Tanıl Küçük, chairman of the
Istanbul Chamber of Industry (ISO). “Almost 25 percent of Turkey's
gross national product is of Istanbul origin. Istanbul, which has been
the center of the manufacturing industry since the 1950s, creates over
30 percent of the added value of Turkey's manufacturing industry.” The
ISO had 13,950 members, as of the end of March, said Küçük. In 2006,
there were 216 ISO member enterprises among the top 500 companies, he
added.
Istanbul more than deserves to be a global center with the
values it has, said Küçük. “However, this should not mean ignoring
industry. It is not realistic to think that Istanbul, which hosts 38
percent of industrial enterprises in Turkey, which creates over 30
percent of total added value of the manufacturing industry, and whose
32 percent employment is related to industry, will give up industry
easily and gain a service-focused structure.” Among incentive-dependent
investments in Istanbul between 2002 and 2006, the manufacturing
industry ranked first with 53 percent, said Küçük. “This reveals
Istanbul has not given up industry, and that industry will stay in the
city at any rate.”
Second-largest
city
Istanbul, which
is one of the world's top 20 largest cities, is the second-largest city
in Europe after Moscow, said Murat Yalçıntaş with the Istanbul Chamber
of Commerce (ITO). In the distribution of economic activities in
Istanbul, trade ranks first, with a 34.1 percent share, and is followed
by industry, with 23.9 percent, construction, with 17.1 percent, and
transportation and communication, with a 7.2 percent share, he said.
Istanbul constitutes 1 percent of agriculture, 28 percent of
industry, 21.2 percent of construction, 24.6 percent of trade and 23
percent of transportation and communication in Turkey, Yalçıntaş said.
The city holds 46 banks among a total of 50, 42 percent of bank
deposits and 48 percent of bank loans, he added.
Istanbul's daily economic production size exceeds YTL 500
million, Yalçıntaş said, and added that there are 26,091 export and
34,722 import firms in the city. Istanbul is ahead of many European
Union countries, and all Balkan countries, in export figures he said.
Almost one-third of all commercial enterprises in Turkey operate in
Istanbul, which produces 45 percent of Turkey's wholesale trade and 55
percent of aggregate trade volume, he added.
Istanbul, is the world's 27th most expensive city, according
to a list published by Swiss bank UBS, is considered one of the hottest
real estate markets in Europe, according to a joint survey by the Urban
Land Institute and PricewaterhouseCoopers. Selected as the cultural
capital of Europe for 2010, Istanbul also features historic districts
listed as World Heritage Sites by the United Nations Educational,
Scientific and Cultural Organization (UNECSO) in 1985.
Source:
http://www.turkishdailynews.com.tr/article.php?enewsid=101172
Tuesday, April 8, 2008