Turkey eyes to turn Istanbul into a finance center

"It will also help Turkey gain a global prestige," Ekren also said in Istanbul Province Economic and Social Council Meeting. Ekren said that the timing of the project was right after the mortgage crisis in the United States.

Ekren also said that the government was planning to establish a development agency in Istanbul within this year.

Istanbul is a city where 20 percent of Turkey's total population is living of which population has been up by 10-folds since 1950 and almost 15 million people are residing.

Ekren said that Istanbul was providing one-fourth of the gross domestic product (GDP), 38 percent of overall industrial income, more than half of services, and 40 percent of tax revenues.

"Istanbul can be a financial, cultural and logistic center of Turkey, thanks to its unique geographical location; rich historical, cultural and architectural heritage; giant infrastructural investments; economic links with Europe, Asia and the Balkans; and relatively cheap labor force," the minister said.