Istanbul Finance Summit begins with innovative finance on agenda

ISTANBUL

Borsa Istanbul Chairman İbrahim Turan said the search for finding new sources to finance investment in developing countries will mark the next decade. AA Photo

Turkey’s top finance figures will meet with a number of leading representatives of the global finance sector for the fifth Istanbul Finance Summit (IFS), which will be marked by discussions on the need for innovative means of financing.

Attendees, including Turkey’s deputy minister responsible for the economy Ali Babacan, Turkish Finance Minister Mehmet Şimşek, Turkish Central Bank Governor Erdem Başçı and Vice Chairman of the NASDAQ OMX Group Sandy Meyer Frucher, gathered for the two-day summit that kicked off in Istanbul on Sept. 15.

The meeting will provide the stage to discuss some key issues that are crucial for the government’s ambitious plans of positioning Istanbul as an international financial hub, aiming to lure shaky interest in emerging markets.

Delivering a keynote speech at the event, Borsa Istanbul Chairman İbrahim Turan said the search for finding new sources to finance investment in developing countries will mark the next decade.

“The issue of the next decade will be funding investment in developing countries, which will value over $12.5 trillion, he said yesterday, noting projections show that “seven of every 10 companies will start up in developing countries until 2025.”

Turan emphasized that developing countries need to invest more in order to close the gap with developed nations and to contribute to global progress.

Turkish Exporters Assembly (TİM) Chairman Mehmet Büyükekşi also addressed the participants during the event.

Also underlining challenges of financing, he said “innovative finance requires the development of sustainable methods.”

“We believe the importance of innovative financing in development is the same as innovation,” he said.

Several topics including, investment banking, venture capital funds, angle investment and innovation finance, innovative tools and infrastructure financing methods and financial centers, are also being debated at the summit.