İş Bank holds int’l economic conference to mark 100th year of foundation

ISTANBUL

İş Bank, one of the largest private lenders in Türkiye, has marked the 100th anniversary of its foundation with a two-day international conference featuring distinguished figures who shared their insights on the global and Turkish economic landscape.

The first national bank of the Turkish Republic was founded in 1924 under the directives of modern Türkiye founder Mustafa Kemal Atatürk.

The event, titled "Looking to the Next Century with Atatürk's Vision," was graced by prominent luminaries such as Turkish Nobel laureate Professor Dr. Aziz Sancar, Apple co-founder Steve Wozniak, futurist and author Brett King, Nobel Prize-winning economist Professor Paul Krugman and renowned writer Malcolm Gladwell.

On the inaugural day, economist Krugman delivered a keynote on “The Shifting Global Economy and Türkiye,” where he emphasized the European Union's enduring stature as a pivotal force in the global economic arena.

He underscored that Türkiye, having integrated into Europe's manufacturing nexus, has reaped tangible benefits and opined that opportunities for Türkiye will continue to proliferate.

“I believe Türkiye, though not a full EU member, stands to capitalize on the trend of nearshoring — wherein neighboring countries foster symbiotic economic ties. Therein lie substantial opportunities,” Krugman remarked.

Economic historian Professor Dr. Şevket Pamuk elucidated that Türkiye, at its current juncture, must aspire towards technological advancement in both industrialization and the services sector, facilitated by governmental support. “I am convinced that state-backed industrialization coupled with increased technological efficiency in services will be the strategic course forward in the coming years,” Pamuk asserted.

Additionally, the panel on “Economic Policies in Türkiye” delved into the trajectory of Türkiye’s economic policies, examining both its historical context and future outlooks. Professor Dr. Asaf Savaş Akat stressed that for Türkiye to sustain growth, it must cultivate a stable and valuable currency while reforming its tax, judiciary and pension systems. “Türkiye must confront these formidable challenges head-on, only then can it continue to narrow the gap with developed nations,” Akat concluded.