Turkey’s Goals for 2030 | Turkey’s Vision for Economic Development
Turkey’s Goals for 2030 | Turkey’s Vision for Economic Development
The Republic of Turkey is among the foremost global economic players, seeking to enhance development across various sectors. From exports to technological investments, and from energy supplies to defense industries.
Economic Achievements
Thanks to its purchasing power parity, Turkey ranks thirteenth globally in terms of economy. It is considered a key player in the G20, showcasing significant importance on the global economic stage.
Vision 2030
Turkey aims to achieve an export target of $500 billion by 2030, with a desire to increase domestic production to two trillion and exports to $500 billion.
Transition towards Industry
Turkey aims to become one of the world’s largest economies through investments directed towards the Fourth Industrial Revolution and massive projects, with a focus on developing institutional capacity.
Structural Reforms
Turkey attaches great importance to structural reforms in the economy and invests earnestly in multiple sectors, from livestock and agriculture to transportation, energy, health, and telecommunications.
Economic Trajectory
Despite the impact of the global financial crisis in 2008, the Turkish economy has managed to rise, with the per capita income expected to have a positive impact on the sector through massive projects and administrative development.
Strategic Location
Istanbul, situated at the triangle of Europe, Eurasia, and the Middle East, is a vital financial center, enabling investors to access 22 capitals within two hours and reach 400 destinations through the new Istanbul Airport, which is one of the world’s largest airports.
A Global Economic Bridge
Structural Reforms and the Banking Sector
Turkey holds an exceptional position in the global economy, where recent structural reforms have bolstered confidence in the Turkish banking sector, making it prepared to effectively face challenges and risks.
Export Strength and Strategic Location
Thanks to its strategic location, Turkey serves as an open gateway to the world, enabling diverse exports to Europe, the Middle East, North Africa, and Asia.
Support for Foreign Investors and Turkish Citizenship
Turkey provides a robust legal infrastructure to support foreign investors, allowing them to purchase real estate valued at least $400,000, such as a house, workplace, or land, qualifying them for Turkish citizenship.
Istanbul | The Heart of Business and Innovation
Turkey’s Financial Hub
Istanbul, known as the gateway to the world, holds an exceptional position as Turkey’s financial center. It leads in public investment and excels in transportation and energy sectors.
Revolutionary Projects
With massive projects like Marmara, the new airport, and the Istanbul Canal, Istanbul aspires to become the financial center of the region, enhancing its role as a major city for import and export in Turkey.
Vision 2030: Ambition and Development
Turkey relies on the consensus of half its population aged over 30 and technological investments to achieve its ambitious goals for 2030, attracting capital and diversifying investment tools.
Istanbul | Historical and Cultural Powerhouse
With its illustrious history and unique culture, Istanbul holds immense potential to become a global financial center, where investors can benefit from partnerships with Turkish companies.
Growth and Progress
Expectations suggest that Istanbul will add significant value to its investors, with a projected 48% growth in the next five years, investing in new projects such as bridges, hospitals, and nuclear power stations.
Future Technology
Istanbul not only embraces its rich history but also heavily invests in future technology, focusing on innovation in cloud computing, virtual reality, and digital encryption.
Digital Economy
Data indicates that Turkey is advancing in the digital economy, with one in every three people using the internet for online shopping, moving towards implementing 5G technology, and developing communication technologies.
Expert Opinions on Istanbul as a Global Financial Center
- Nouriel Roubini – Global Finance Professor
“Nouriel Roubini sees Istanbul as a center for finance, culture, and art, playing a significant role in the future economy.”
- Michael Marrese – General Manager, J.P. Morgan
“Istanbul is considered a highly important financial center, and the efforts made to enhance this role are deemed vital.”
- Martin Raiser – Director, World Bank Turkey
“Turkey’s current account deficit is decreasing, reforms are playing a positive role, and foreign investments are crucial in making Istanbul a financial hub.”
- Hans Martin Stockmeier – President, McKinsey & Company
“Istanbul has a great opportunity to become a global financial center, with emerging markets towards the Gulf and the Middle East playing a significant role in achieving this.”
Conclusion
The opinions of prominent economists and analysts indicate that Istanbul has immense opportunities to become a global financial center. They point to positive transformations in the Turkish economy and efforts to enhance the city’s role as a center for finance and investment.
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