İstanbul: Regional Hub, Global Actor forum was held in New York
The second of the forumseries entitled İstanbul: Regional Hub, Global Actor, organized as part ofthe vision to make İstanbul a regional and international financial center washeld in New York City with the participation of prominent names from theTurkish and global business world on Tuesday, April 22.
At theForum, Borsa İstanbul Chairman and CEO İbrahim M. Turhan talked about thedevelopment of the Turkish economy in the last decade, Borsa İstanbuls collaborationsand future targets.
Borsaİstanbul's İstanbul: Regional Hub, Global Actor Forum, the first of which washeld in Washington D.C. last year as part of İstanbul International FinancialCenter project, took place in New York City on April 22, 2014.
Turkey'sopportunities and competitive advantages were shared with high profileparticipants at the Forum, at which Borsa İstanbul Chairman and CEO İbrahim M.Turhan, NASDAQ OMX Group Vice Chairman Meyer 'Sandy' Frucher, Citi GlobalGovernment Affairs Managing Director Charles R. Johnston and BC PartnersManaging Director Nikos Stathopoulos delivered speeches. The Forum moderatorwas İstanbul Financial Center Initiative Chairman Dr. Artunç Kocabalkan.
Borsaİstanbul Chairman and CEO İbrahim M. Turhan: According to the global financialcenters index, İstanbul ranks 47th, and in terms of annual traded value, itranks 8th among emerging markets.
In hisspeech, Borsa İstanbul Chairman and CEO İbrahim M. Turhan talked about thecurrent status of the Turkish economy, and the steps that Borsa İstanbul tookin the last couple of years and its targets, saying A public company only acouple of years ago, we are now a globally attractive trademark. As a formeracademician, I can say that in the last decade, Turkey improved her incomedistribution in a period of fast growth thanks to the social policiesimplemented by the government. During 2002-2011, GDP grew significantly. We arenow predominantly an export country; today Turkeys export volume is in excessof US$ 150 billion. Today, İstanbul ranks 47th in the global financial centersindex, versus its 74th rank in 2011. Among emerging markets, Borsa İstanbulranks 8th in terms of traded value. Unlike its competitors, Turkish economy isnot dependent on commodities, or one or a few industries; it is a very welldiversified economy.
Dr.Turhan also touched upon Borsa İstanbuls collaboration efforts, saying, Weall know about marketing formula. For Borsa İstanbul, our formula is 4C-1S. Thefour Cs stand for Capacity, Connectivity, Competition, Capital, and S standsfor Specialty. As part of this whole process, we attach great importance tocollaborations on the way to making İstanbul an international financial center.One of these collaborations is the initiative that we took with NASDAQ OMX inearly 2014. As a result of the formula and strategic partnerships that Ivementioned, we would like to convert the company, once a public company that hadno profitability issues on its agenda, into a 100% profitable company.
MeyerSandy Frucher: We want to increase the overall presence of the Turkishcapital markets and products internationally
NASDAQOMX Vice Chairman Meyer Sandy Frucher stated that Turkey is one of the bigand growing capital markets in Europe and it has a huge potential, adding thatthere have been big changes in the background with the new capital markets lawand the formation of Borsa İstanbul, convening all markets under a single roof.Frucher went on to say, Turkey is quite well positioned to become a regionalhub for trading. There is no other exchange that has realized its vertical andhorizontal integration within a period of 1.5 years only. I mean not only amongemerging markets, but among developed markets as well. I can confidently saythat Borsa İstanbul has done a great job. In line with these developments,İstanbul is making sound steps towards becoming an international financialcenter. We want to increase the overall presence of the Turkish capital marketsand products internationally. Well work with them and see how we cancollaborate and attract additional flow as well as expand with some of ourother big partners around the world".
CharlesR. Johnston: Turkeys aspiration and dedication to join the European Union hasbeen an engine for commercial and legislative reforms"
In hisspeech at the Forum, Citi Global Government Affairs Managing Director CharlesR. Johnston said: Turkeys aspiration and dedication to join the EuropeanUnion has been an engine for commercial and legislative reforms that have takenthe country down a path of transition and modernization. Today, İstanbulis poised to become a financial center that can help not only serve the capitalneeds of Turkey, but also those of other countries in the region where demographicand competitive conditions are demanding more investment, higher trade volumesand infrastructure development that will lead to job growth and wealthcreation.
NikosStathopoulos: "Stability in Turkey will increase the attractiveness of thecountry
BCPartners Managing Director Nikos Stathopoulos stated in his speech that Turkeyhas significant potential to attract foreign investment as it is a large,growing and healthy economy, has attractive demographics, a stable tax andregulatory regime, well capitalized and properly regulated banking system and aliquid and well developed stock market. Stathopoulos went on to say,"Stability in its currency and the political and geopolitical situationwill increase the attractiveness of the country to long term patient capitalwhich can further support its growth".
AAFinancefollowed the Forum
İstanbul:Regional Hub, Global Actor Forum brought Turkish and global business worldtogether with the support of Turkish Airlines and Anadolu Agency and was hostedby Borsa İstanbul. The Forum was broadcast live from the link www.aafinans.com.