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Thursday, February 28, 2008

Istanbul as a Center of Global Finance?

"Istanbul as a Center of Global Finance?
Mustafa Kutlay

Thursday , 28 February 2008

Over the last four years Turkey has been at the forefront of global investors. Thanks to the intense privatization applications, to the improvements regarding the EU membership process and to the ample global liquidity conditions, the foreign direct investment in Turkey increased from 2.8 billion dollar in 2004 to 21.8 billion dollar in 2007. The main sectors that aroused the interest of the investors are transport, storage and communications sectors as well as the wholesale and retail trade. The recent financialization wave in Turkey attracted not only the traders but also the investment banks or more famously known as the “masters of the universe”. The financial intermediation sector has attracted at an amount of 7 billion dollar in 2006 and 11 billion dollar in 2007."

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