This could be the next global financial center
Reuters/Osman Orsal
London is the world’s leading financial center. A close second, is New York. But from then on, the picture changes. The next four leading financial centers are all in the emerging world – and they are all in Asia. Hong Kong, Singapore, Tokyo, and Seoul occupy these coveted positions. This raises interesting questions about the nature of the financial markets. Emerging nations are already leading the way in manufacture, and increasingly in technology sectors, could financial services become the next area dominated by these countries? This is increasingly likely. One country determined to capture this trend, and soar to the top of the table is Turkey.
Turkey is already a member of the MINT category of emerging nations. Composed of Mexico, Indonesia, Nigeria, and Turkey, these countries all have growing youth populations and dynamic economies in common. By 2023, the year of the country’s centennial, Turkey will rank among the 10 largest economies on the planet. The completion of Istanbul’s International Financial Centre (IFC) scheduled for that year is designed to reinforce Turkey’s growing economic might.
The induction of Istanbul among the titans of global finance is a two-step process. First, Istanbul must become a regional hub. Then, having surpassed its rivals in Asia, become a truly world-class financial center. Istanbul is already a property investment hotspot; with the construction of the International Financial Centre, its global presence will only increase.
“We have always believed in Istanbul’s potential as a global hotspot, from tourism to property and now, in the wake of this new master plan, the world of finance. Already a prominent metropolitan city, Istanbul’s geographical location will bring together investors as well as financial companies within the triangle of Central and Eastern Europe, the Middle East, and Central Asia. A prime location for both the financial and real estate markets, a key criteria in order to develop an International Financial Centre, the future looks bright for Turkey’s most populous city” – Adil Yaman, Director Universal21, a luxury apartment complex near the future IFC
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