Turkey’s Goal For 2023: Istanbul as an International Financial Center


The Republic of Turkey is working on progress in many areas by 2023, including exports, technology investment, security defense, and the energy industry. According to purchasing power parity, Turkey is the thirteenth largest economy in the world, and it is one of the most important countries in economic terms among the G20 countries.

In 2023, Turkey could be one of the largest economies in the world by creating an institutional capacity capable of creating a fourth industrial revolution in Turkey with large investments and projects.

$ 500 Billion in Exports in 2023

In 2023, Turkey plans to increase its annual GDP to $ 2 trillion, while aiming to export products and services worth up to $ 500 billion. As the Turkish state has in recent years attached great importance to comprehensive reforms in the country’s economic structure, with important investments and innovations in areas such as animal husbandry, agriculture, transport, energy, health and communications. In this way, the institutional capacity in the economic structure is developed and strengthened, and the economic system becomes more resilient to the dangers of the world.

In 2008, the Turkish economy was greatly shaken by the global financial crisis that rocked the world and led to a downturn in the global economy. In subsequent years, the economic structure grew by 9.2 and 8.5 percent, with per capita GDP rising from $ 3,492 in 2002 to $ 10,404 in 2014. It is expected that per capita GDP will reach $ 12,244 in a plan for Eleventh development. While Istanbul, located in the heart of the Eurasian and Middle Eastern triangle, is expected to be a very important financial center. As investors can use the new Istanbul Airport, one of the largest airports in the world, to travel to 22 capitals in two hours and travel to more than 400 destinations from one place.

A Door Open to The Whole World

Recent economic and structural reforms have pushed the Turkish banking sector into bold stances that have strengthened its positive stance in the world. Where foreign investors who buy homes, lands and other real estate in Turkey for at least $ 250,000 can obtain the Turkish citizenship, with the encouragement given to them by the Turkish government.

Global Assets Center

Istanbul is perhaps the most important city in the Turkish economy in terms of energy, transportation and public investment. As it is Turkey’s gateway to the whole world, and the main center for imports and exports, it is also the center of financing in the region after the establishment of many mega projects such as the Marmaray tunnel, the new airport, the Bosphorus bridges, and soon the New Istanbul Canal project and the Avrasya tunnel.

Turkey also has great historical and cultural potential. As it has close historical and cultural ties with investors, that gives them the ability to increase the opportunity to sign cooperative contracts with Turkish companies.

The views of economists regarding the position of Turkey as an economic forces in 2023

Nouriel Roubini, a well-known economist, says: Istanbul will become a financial, cultural and artistic city and will play a major role in the economy in the future.

Michael M, general manager of J.P. Morgan,said: the two main financial centers in the world are London and New York. He also said: “As J.P. Morgan, we believe Istanbul is a very important financial center.”

“The current geographical situation of Turkey is very important to become a global financial center,” said Martin Raiser, World Bank director. “Turkey’s current account deficit is declining. This is good news. I consider the private pension system positive in reducing the current deficit.” “Turkey is achieving $ 20 billion in a good year, and $ 10 billion in a bad year,” Raiser said, and attracting foreign investment in Turkey will play an important role in becoming the financial center of the region.

The secret behind 2023 in Turkey:

We always hear Turkish officials talking about the year 2023 with great anticipation, as if it would be a new beginning for the country, and Turkish President Recep Tayyip Erdogan uses his evey speech to talk about the old Turkish era is ending by 2023, and there will be a new Turkey by this year, Where the country’s regional role will change, and it will emerge as an effective political and economic force in the world, so what is the secret of this year?

The year 2023 is closely linked to the centenary of the founding of the first Turkish Republic under the leadership of Mustafa Kemal Ataturk. It must be noted that this year is also linked to the termination of the famous Treaty of Lausanne for Peace that took place after the First World War between the then defeated Turkey and Britain, France, Italy, Japan, Greece, Romania, Portugal, Bulgaria, Belgium and Yugoslavia as the victors.

At that time, the Treaty of Lausanne stipulated several articles, the most important of which are:

  • Abolish the caliphate.
  • Confiscation of all the caliph’s money.
  • The Caliph and his family should be banished from Turkey.
  • Declaration of secularism of the Turkish state.
  • Preventing Turkey from oil exploration.
  • The Bosphorus Strait, linking the Black Sea and the Sea of ​​Marmara, made passage through the Mediterranean Sea an international pass. And Turkey does not have the right to collect fees from ships that cross it.

A long-awaited hope and visions

The current Turkish government also looks to the year 2023 with great aspirations and high hopes, as work has already begun to dig a new Istanbul canal that connects the Marmara Sea and the Black Sea, which will be parallel to the Bosphorus Strait within the modern Istanbul plan as it was called by the Turkish government (which makes Istanbul a huge island between the two continents, Europe and Asia), And Turkey will be able to collect fees from ships crossing the Bosphorus Strait, as well as the beginning of oil exploration, which will constitute a quantum shift in the balance of political and economic forces in the region.