10/7/2009

Babacan: Our vision is to make Istanbul an international finance center

AA - Ali Babacan, Turkey's State Minister and Deputy Prime Minister, said the vision of the government is to make Istanbul initially a regional and eventually a “global finance center”. “According to a report issued by the Banks Association of Turkey, Istanbul is relatively better positioned than its competitors as regards the factors that are required to become an international finance center", Babacan said at a press conference held on the Strategy and Action Plan to Make Istanbul an International Finance Center. Babacan enumerated those factors as low business running costs, qualified labor force, domestic and regional economic growth potential, and attractive style of living. The minister said courts specialized in financial matters will be set up to strengthen the legal infrastructure in Istanbul. "Another important aspect in the legal area is to establish an independent and autonomous institutional arbitration center in Istanbul", he stressed. Babacan said a mediation system will therefore be developed to solve disputes quickly and without resorting to courts.