Economic condition and indicators are always a useful and strong mean for evaluating destination countries for those investors who intend to immigrate or invest in a foreign country. That’s why; the governments always try to improve their economic indicators by adopting policies regarding decrease of inflation and improvement of GDP, GNP, sustainable development and etc.
By getting Recep Tayyip Erdoğan into power in 2001 as the prime minister of Turkey, the comprehensive plan for development of this country started. Erdogan succeed to stop inflation and improve the economic condition of his country during his office. His government also defined a national plan for attraction of foreign investors into Turkey by offering tax exemption for some business fields like construction, establishment of factories in order to improve the rate of employment.
As and intellectual result, the trade centers of Turkey have been always under focus of Erdogan’s government to improve. He tried to prepare modern and useful infrastructural requirements for Istanbul during the years of his term. For example, we can point to establishment of high speed train or the modern railways station of Istanbul which highly helped to facilitate transportation in this city and in fact, he gifted a nice opportunity for those businessmen who intended to invest in Istanbul.
The total municipality budget of Istanbul in 2019 was something around 34.8 billion TL which is very huge amount. Of course, Istanbul fulfills a significant part of Turkish government income for its national budget and their investment for infrastructural development of this city will turn back to the national reserves of Turkey. For example, contribution of this city to the national budget in 2019 was 6.454.947 x million TL and its share in national GNP was 23%.
It is good to know that Istanbul fulfills 40% of tax income of Turkish government (2019) and this issue demonstrates the significant role of the city in governmental income of Turkey.
There are also 1730 bank branches active in Istanbul which this number composes 29% of total banks of Turkey.
Istanbul also enjoys fours free trade zones including Thrace, Ataturk airport, Leather and Industrial, Stock Exchange.
According to the official statistics, In 2008, companies based in Istanbul made exports worth $41,397,000,000 and imports worth $69,883,000,000; which corresponded to 56.6% and 60.2% of Turkey’s exports and imports, respectively, in that year.
In 2006 Turkey’s exports grew a further +16.1% while imports grew +17.6% because of a rising demand of energy resources and raw materials by the industrial manufacturers in the country.
According to Forbes magazine, Istanbul had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow (84 billionaires), New York City (62 billionaires), Hong Kong (43 billionaires) and London (43 billionaires).
Istanbul has always been the “financial capital” of Turkey, even after Ankara became the new political capital in 1923. The opening of specific markets in the city during the 1980s further strengthened this status. Inaugurated at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey, established to provide trading in equities, right coupons, Government bonds, Treasury bills, revenue sharing certificates, bonds issued by the Privatization Administration and corporate bonds, and to carry out overnight transactions.