Posted on 18 February 2011
Turkey is the 15th largest economy in the world, and although suffered during the downturn its strong recovery continues to be the envy of much larger and more developed countries. Istanbul has benefited greatly from this recovery as it is not only a popular tourist destination but also has many blue-chip businesses establishing bases in the city, with Coca-Cola and Ford already being established here.
It is one of the top destinations in the world for business conferences and its central location gives a number of countries easy access, and business travellers bring extra wealth to the city which is a fact not overlooked by the number of new hotels being built by major chains. There are also many new office developments being built to cope with the increased demand.
A new science and technology park is currently being built and will be the largest in the Middle East and Eastern Europe and there are plans to increase capacity at the busiest airports to cope with the influx of travellers. Tourism is still important, and Istanbul benefited with being named the City of Culture for 2010 as this award brings in extra investment and promotes long-term growth. It is thought that Liverpool benefited to the tune of £800 million when it was awarded this title.
It also has the reputation of having one of the most diverse shopping outlets in the world which is ViaPort, on the outskirts of Istanbul. All the elements are in place for continued sustainable growth in this city which straddles Eastern and Western culture.