Istanbul has a robust economy and a very favourable business environment. The city is a vibrant economic growth engine with a diverse structure and international reputation. Istanbul has retained its strong worldwide standing and has a well-known city brand.
Because of its strategic location between two continents, Istanbul has long been a vital commercial hub connecting the east and west. The Silk Road's market stalls have given way to sparkling skyscrapers and huge banks, but Turkey's largest metropolis remains one of the world's finest economic destinations. Continue reading to learn about Istanbul's business attractions and why it's a great place for business visitors.
Location
Istanbul's commercial history extends back to its inception over 2,500 years ago on the western side of the Bosphorus strait, which serves as the boundary between Asia and Europe. This strategic position aided the city's quick growth into a cross-continental commerce hub, setting the path for its current status as the main international business destination. Istanbul now accounts for more than half of Turkey's commerce, due in part to its flourishing port, making it an essential gathering place for leaders from the oil, metal, rubber, and pharmaceutical industries.
Entrepreneurs abound in Istanbul
For many enterprises, Turkey is viewed as a high-growth market. Istanbul is the engine of this interesting economy, giving a wide range of options. While European cities struggle to recover from the recent global crisis, Istanbul expands its FDI portfolio into new markets.
In order to stay up with global advancements and remain competitive as an investment site, Istanbul opted to modernise its economy after the 1980s, diverting attention away from low-cost manufacturing and toward knowledge-based sectors and high-value-added services.
Skyscraper wars
If the height of a city's skyscrapers is an indicator of its economic success, Istanbul looks to be doing well. The tallest buildings are, unsurprisingly, found in the two commercial areas. Despite their trade connections, the districts are involved in the furious competition for the next major development project, which implies an ever-changing, ultra-modern cityscape. The 284m tall, 65-story Skyland Istanbul in Işli is now Turkey's highest tower. Skyland Istanbul is made up of two mixed-use high towers that serve as both workplaces and residential. JP Morgan, Deutsche Bank, Citibank, and Merrill Lynch all have offices in the Levent and Maslak areas, while others, most notably the Commercial Bank of Qatar, are purchasing holdings in domestic Turkish banks.
Huge Targets
As per the Independent, a world-renowned newspaper, Istanbul is full of contrasts as it is the only metropolis that spans two continents. While its sumptuous palaces and old domes pay respect to the Byzantine and Ottoman Empires, Istanbul is a global centre with design-driven hotels and a strong modern art scene. When it was selected European Culture Capital in 2010, the city was pushed into the limelight.
Istanbul is the economic beating heart of Turkey. The Borsa Istanbul (BIST) is located here, as are the headquarters of Turkey's top enterprises, offices of important worldwide firms like Citibank and Merrill Lynch, and industrial units producing clothes, tobacco, and electronics.
The city's new entrance
The entrance to Istanbul for business travellers switched from the commercial port to the Istanbul Airport. In 2013, more than 50 million people passed through Istanbul's former airport, Atatürk International Airport, making it Europe's sixth busiest airport. The airport just completed a large reconstruction project, and the new Istanbul Airport reopened in April 2019. Istanbul will now be seamlessly connected to over 300 locations, and the airport will handle over 200 million people each year. Such improvements have established Istanbul as a 21st-century international corporate centre. With only a four-hour journey between London and Istanbul, it's a great midpoint for connecting with colleagues or business partners travelling from places like southern Europe, the Middle East and northern Africa.
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