Turkey also announced the establishment of an Istanbul Investment Agency/Bloombergby Bloomberg
Istanbul Metropolitan Municipality is seeking partnerships with international investors for projects that will need billions of dollars of funds over the next five years.
Turkey’s commercial capital, which accounts for one-third of the country’s economy, announced the establishment of an Istanbul Investment Agency. Nihat Narin, the Chief Executive of Istanbul Investment Agency, said that the agency’s objective is to attract strategic or financial investors to projects including land and sea transportation, waste treatment, wireless communication and technology hubs.
“The metro lines alone that we want to complete need about $1 billion to invest, we will make investment procedures easier,” said Narin.
The agency invited local and international investors and representatives of international banks including Goldman Sachs Group and Societe Generale. London & Partners, the UK capital’s international trade, investment and promotion agency, made a presentation about how it attracted companies including Twitter, Alibaba Group Holdings, Tesla and Airbnb to the city during their scale-up periods.
The projects planned for the city by 2024 include extending underground metro service to 550 km from 320 km, increasing the share of sea transportation to 10 per cent of the total transportation network from four per cent and doubling car parking capacity to 195,000 units from 95,000 units.
Additionally, Instanbul plans to raise the ratio of recycled waste to 50 per cent from 16 per cent and boosting power produced from recycled waste to 250 megawatts from 72 megawatts.