Turkey's Trade, Business, Investment, Finance and Tourism Capital: Istanbul
The growth momentum of Turkish economy which started in early 2000s continues with a further increase. Istanbul has the largest share in the Turkish economy which aims to be among the largest 10 economies of the world by the 100th anniversary of the Republic. Istanbul, which is the industrial and production center of our country, is an important city for tourism thanks to its historical wealth. Istanbul that grabs attention of the world owing to projects such as Istanbul Airport, Osmangazi Bridge and "Kanal Istanbul" which are the largest investments in the history of the Republic the Republican History also takes the lead in the national income increase. Istanbul that has turned into a huge economic power thanks to its population that is higher than that of many countries in the world has also a great potential owing to its young population.[1]
Istanbul has always played the central role in all transformations the Turkish economy has passed from past to present. That is not only because Istanbul is our country's gate for currents coming from abroad but also the city is a center where domestic creativity and innovation as well as entrepreneurship have become dense. [2nd]
Istanbul plays an important role in the Turkish economy and plays a major role in both the trade and industrial sectors.[3]
Istanbul has been a trade and production city for ages. The value of Istanbul is increasing day by day thanks to its tourism sector, industry and potential for trade. Istanbul, which has its unique socio-economic structure, is the trade, business, investment, finance and tourism capital of Turkey.[4]
Share of Istanbul in Turkey's labor force is 20.3%, while its share in export is 50.6%, and its share in import is 54.6%.
The corner stones of Istanbul economy
The first stock market activities in Istanbul date back to the Crimean War of 1854. The stock exchange established in Istanbul was named “Dersaadet Bonds Exchange” under an ordinance issued in 1873. After the foundation of the Republic of Turkey, some adjustments were made, and the law on securities and foreign exchange markets was enacted in 1929. The stock exchange started its operations under the name of Istanbul Menkul Kıymetler Borsası (Istanbul Stock Exchange) and IMKB (short for Istanbul Stock Exchange) was founded on December 26, 1985. It has been operating as Borsa Istanbul since 2013. For further information about Borsa Istanbul, please visit https://www.borsaistanbul.com/.
The Grand Bazaar, known as the oldest and largest shopping center in the world, is located on an area of 45 thousand square meters. In the Grand Bazaar, which has 3,600 shops, it is possible to find everything from carpet to bag, textile products to gold and silver jewelry, antiques to tiles, and souvenirs. For further information about the Grand Bazaar, please visit http://www.kapalicarsi.com.tr/.
The Egyptian Bazaar was mentioned as the "New Bazaar" and "Valide Bazaar" by the 17th-century chroniclers. But it was later called the "Egyptian Bazaar" starting from the mid 18th century, because the shops in the bazaar predominantly sold goods and spices brought from Egypt. The Egyptian Bazaar, which was allocated to herbalist and cotton tradesmen in its first years, has 6 gates divided between herbalists and cotton sellers. The name of these gates to the Egyptian Bazaar changed over time and Eminönü Gate became New Mosque Gate, Balık Pazarı Gate became Tahmis Gate / Hasırcılar Gate, Ketenciler Gate became Tahtakale Gate, Çiçek Pazarı Gate became New Mosque Gate / Yeni Çiçek Pazarı Gate, Garden Gate. For further information about the Egyptian Bazaar, please visit http://www.misircarsisi.org.tr/.
[1] http://www.istanbul.gov.tr/Files/ebulten/2016-6/icerikmilligelir.html
[2] Provincial Directorate of Planning and Coordination
[3] http://www.istanbul.gov.tr/Files/ebulten/2016-14/icerikisgucu.html
[4] http://www.istanbul.gov.tr/Files/ebulten/2016-14/icerikisgucu.html
