The second of the forum series entitled “Istanbul: Regional Hub, Global Actor,” organized as part of the vision to make Istanbul a regional and international financial center, was held in New York City with the participation of prominent names from the Turkish and global business world on Tuesday, April 22.
At the Forum, Borsa Istanbul Chairman and CEO Ibrahim M. Turhan talked about the development of the Turkish economy in the last decade, Borsa Istanbul’s collaborations and future targets.
NEW YORK and ISTANBUL, May 2, 2014 (GLOBE NEWSWIRE) — Borsa Istanbul’s “Istanbul: Regional Hub, Global Actor Forum,“ the first of which was held in Washington D.C. last year as part of Istanbul International Financial Center project, took place in New York City on April 22, 2014.
Turkey’s opportunities and competitive advantages were shared with high profile participants at the Forum, at which Borsa Istanbul Chairman and CEO Ibrahim M. Turhan, NASDAQ OMX Group Vice Chairman Meyer ‘Sandy’ Frucher, Citi Global Government Affairs Managing Director Charles R. Johnston and BC Partners Managing Director Nikos Stathopoulos delivered speeches. The Forum moderator was Istanbul Financial Center Initiative Chairman Dr. Artunç Kocabalkan.
Borsa Istanbul Chairman and CEO Ibrahim M. Turhan: “According to the global financial centers index, Istanbul ranks 47th, and in terms of annual traded value, it ranks 8th among emerging markets.”
In his speech, Borsa Istanbul Chairman and CEO Ibrahim M. Turhan talked about the current status of the Turkish economy, and the steps that Borsa Istanbul took in the last couple of years and its targets, saying “A public company only a couple of years ago, we are now a globally attractive trademark. As a former academician, I can say that in the last decade, Turkey improved her income distribution in a period of fast growth thanks to the social policies implemented by the government. During 2002-2011, GDP grew significantly. We are now predominantly an export country; today Turkey’s export volume is in excess of US$ 150 billion. Today, Istanbul ranks 47th in the global financial centers index, versus its 74th rank in 2011. Among emerging markets, Borsa Istanbul ranks 8th in terms of traded value. Unlike its competitors, Turkish economy is not dependent on commodities, or one or a few industries; it is a very well diversified economy”.
Dr. Turhan also touched upon Borsa Istanbul’s collaboration efforts, saying, “We all know about marketing formula. For Borsa Istanbul, our formula is 4C-1S. The four C’s stand for Capacity, Connectivity, Competition, Capital, and S stands for Specialty. As part of this whole process, we attach great importance to collaborations on the way to making Istanbul an international financial center. One of these collaborations is the initiative that we took with NASDAQ OMX in early 2014. As a result of the formula and strategic partnerships that I’ve mentioned, we would like to convert the company, once a public company that had no profitability issues on its agenda, into a 100% profitable company”.
Meyer ‘Sandy’ Frucher: “We want to increase the overall presence of the Turkish capital markets and products internationally.”
NASDAQ OMX Vice Chairman Meyer ‘Sandy’ Frucher stated that Turkey is one of the big and growing capital markets in Europe and it has huge potential, adding that there have been big changes in the background with the new capital markets law and the formation of Borsa Istanbul, convening all markets under a single roof. Frucher went on to say, “Turkey is quite well positioned to become a regional hub for trading. There is no other exchange that has realized its vertical and horizontal integration within a period of 1.5 years only. I mean not only among emerging markets, but among developed markets as well. I can confidently say that Borsa Istanbul has done a great job. In line with these developments, Istanbul is making sound steps towards becoming an international financial center. We want to increase the overall presence of the Turkish capital markets and products internationally. We’ll work with them and see how we can collaborate and attract additional flow as well as expand with some of our other big partners around the world”.
Charles R. Johnston: “Turkey’s aspiration and dedication to join the European Union has been an engine for commercial and legislative reforms.”
In his speech at the Forum, Citi Global Government Affairs Managing Director Charles R. Johnston said: “Turkey’s aspiration and dedication to join the European Union has been an engine for commercial and legislative reforms that have taken the country down a path of transition and modernization. Today, Istanbul is poised to become a financial center that can help not only serve the capital needs of Turkey, but also those of other countries in the region where demographic and competitive conditions are demanding more investment, higher trade volumes and infrastructure development that will lead to job growth and wealth creation.”
Nikos Stathopoulos: “Stability in Turkey will increase the attractiveness of the country.”
BC Partners Managing Director Nikos Stathopoulos stated in his speech that Turkey has significant potential to attract foreign investment as it is a large, growing and healthy economy, has attractive demographics, a stable tax and regulatory regime, well capitalized and properly regulated banking system and a liquid and well developed stock market. Stathopoulos went on to say, “Stability in its currency and the political and geopolitical situation will increase the attractiveness of the country to long term patient capital which can further support its growth”.
AAFinance followed the Forum
Istanbul: Regional Hub, Global Actor Forum brought Turkish and global business world together with the support of Turkish Airlines and Anadolu Agency and was hosted by Borsa Istanbul. The Forum was broadcast live from the link www.aafinans.com.
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