Turkey to become global financial hub, says D8 secretary-general

(From L) Minister of State for Foreign Affairs of Bangladesh, Mohammed Shahriar Alam (L), Prime Minister of Pakistan Shahid Khaqan Abbasi (2L), Iranian First Deputy President Ishak Cihangiri (3L), President of Guinea Alpha Conde (4L), President of Nigeria Muhammed Buhari (5L), President of Turkey Recep Tayyip Erdogan (6L), President of Azerbaijan Ilham Aliyev (7L), Secretary General of D-8 Seyyid Ali Muhammed (8L), Vice President of Indonesia Jusuf Kalla (9L), Deputy prime minister of Malaysia Ahmed Zaid Hamidi (10L) deputy Foreign Minister of Egypt Hamdi Loza (11L) pose for a family photo during the opening ceremony of D-8 Organization for Economic Cooperation Summit on 20 October 2017 in Istanbul. [OZAN KOSE/AFP via Getty Images]

Turkey will become a global financial hub for foreign investment thanks to its reforms and landmark projects, the secretary-general of the D8 Organisation for Economic Cooperation has said. According to a report in Anadolu, Dato Ku Jaafar Ku Shaari praised Turkey’s fresh reforms to protect the value of the local currency and attract foreign investors.

“President Recep Tayyip Erdogan knows that new reform packages and amendments in different fields such as the economy, law and democracy are needed in order to take a key position and play a critical role on the economic and diplomatic level among the developed countries in the New World Order,” said the D8 official. “Turkey’s impressive growth and structural reforms over the past few years have propelled it into one of the most popular foreign direct investment destinations in Europe.”

By highlighting Turkey’s goal of increasing the share of participation banks to 15 per cent by 2025, from 6 per cent, he added that the Istanbul Finance Centre, due to open in 2022, will provide opportunities for Turkey in the Islamic finance area.

The D-8 Organisation for Economic Cooperation, also known as Developing-8, has the following member states: Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey. The group has a combined annual trade volume of $1.6 trillion, representing 4.5 per cent of global trade and five per cent of the global gross domestic product (GDP).

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