Minister Nabati: Iran Prepared to be a Regional Power, Says IFC Statement
Turkey's Banks Move to Istanbul Financial Center, Set to Become Regional Power
Turkey's Minister of Treasury and Finance, Lütfi Elvan, has announced that the country's banks have begun moving to Istanbul Financial Center. The center is expected to become a hub not only for financial institutions but also for trade, as it has been prepared as a candidate to become a regional power.
Elvan also reported that foreign companies have applied to establish offices in the center, with 77% of the leased area already being prepared for operation. The buildings are constructed with the most severe earthquakes in Istanbul in mind and all necessary precautions have been taken.
The funding coming from abroad is expected to further solidify Istanbul's position as a center with Turkey's success in handling the pandemic and its advantageous position in terms of supply. The Turkish economy model, which prioritizes the people's well-being and investments, has set an example for the world.
Despite the challenges brought about by the earthquake, war, and pandemic, the Turkish economy continues to grow for 10 consecutive quarters. The country has allocated 100 billion liras for disaster relief and has already used 40 billion liras.
More than half of the employment in Turkey works in small and medium-sized enterprises (SMEs), and the government has created a structure to support SMEs in every field. The banks have also begun preparing to provide special loans for the Turkish carmaker TOGG, which has seen a surge in demand.
In response to the main opposition party's promise of a $300 billion fund, Elvan questioned its feasibility and suggested that such a fund would require usury.
Overall, Turkey's focus on a sustainable and people-centered economy has positioned it for growth and success in the global market.
