Assessment of Istanbul's Potential to Be Cetre of Finance

It is now very difficult for developing countries to reach the standard of the economic market that the developed countries attained with globalization. Along with technology, strategic location, history, cultural texture and structure; economic power is one of the most important features to have in development of countries. There is an extraordinary growth potential when ever-growing economy of Turkey and financial service sector, which has not been improved enough in comparison to developed countries, come together. Keeping this in mind, Istanbul has been trying to be a significant financial center. The fact that Istanbul has a hidden source of qualified workforce and potential of creating income support its effort to be financial center. Hence, Istanbul has an advanced competitive power that the regional rivals cannot compete with. This circumstance primarily creates the vision of Istanbul Finance Centre regionally and finally it would pave Istanbul to be a global finance center. This study evaluates the potential Istanbul has in order to be a finance center.