The Istanbul Finance Center was inaugurated, joining centuries-old worldwide financial centers

President Recep Tayyip Erdoğan delivered a speech at the opening ceremony of Istanbul Financial Center in Ümraniye.

Expressing his excitement to inaugurate the first phase of the Istanbul Financial Center, which will elevate Türkiye to the next league in the field of finance, President Erdoğan mentioned old financial centers such as New York, London and Frankfurt as well as new ones such as Dubai, Singapore and Hong Kong, and said: “The center of gravity of global finance is increasingly shifting from west to east. In this context, the increasing trade competition between Asia and Europe and the geopolitical position of our country open new windows of opportunity for Istanbul. With the Turkish Economic Model, which is based on developing our country through investment, employment, production, exports and current account surplus, we have taken our targets one step higher.”

“WE HAVE REALIZED THE MOST PRESTIGIOUS PROJECT OF OUR COUNTRY”

“We believe that Istanbul, which has historically served both as a geographical and as a commercial bridge between east and west, has the potential to establish the same link between financial markets today. The Istanbul Financial Center is a visionary project developed to strengthen Türkiye’s position in the world economy and to make our country a regional and, in the future, a global financial center. With this project, the construction of which we started in 2013, we decided to move the leading institutions of our country, including our Central Bank, public banks and stock exchange, to Istanbul. Thus, we have realized the most prestigious project of our country and the world with a total investment value of TL65 billion,” President Erdoğan said.

“THE ISTANBUL FINANCIAL CENTER WILL GREATLY CONTRIBUTE TO OUR COUNTRY’S ECONOMY”

“The Istanbul Financial Center will greatly contribute to our country’s economy in a wide range of areas as domestic and foreign financial institutions begin to operate in the area. This center will create a new financial ecosystem in Istanbul, the meeting point of 3 continents. Our institutions, which were scattered in different provinces and different parts of our city, have come together here, which is the first step in the formation of this ecosystem.  Also, the Istanbul Financial Center will facilitate international capital flows and boost our potential to attract investment.  It will bring savings into the economy by directing them to new financial instruments. It will ensure the continuity of financial stability by financing large infrastructure projects. It will also accelerate the rise in predictability and employment in the economy,” President Erdoğan said.

“THE REAL VALUE OF THIS CENTER WILL BE BETTER UNDERSTOOD IN THE YEARS TO COME”

“We believe that the Istanbul Financial Center will become a global center, especially in the areas of Fintech and Participation Finance. As you know, we have determined our road map on this issue with the Participation Finance Strategy Document we published in the past months. Inshallah, we will soon share our National Fintech Strategy Document with the public and the finance sector. While expanding alternative finance instruments, we will also support young entrepreneurs who work on financial technologies and blockchain technologies, who want to develop and invest in this field,” President Erdoğan said.

“Our center, which will make all these contributions to our country, is the product of an arduous 10-year struggle and 10 years of hard work, each stage of which was full of difficulties. However, the real value of this center, and how strategic and visionary a project it is, will be better understood in the years to come,” President Erdoğan underlined.