Turkey's AKP turns to investor favourite Babacan for Nov. 1 vote

ANKARA - Reuters

DHA photo

Turkish former deputy prime minister Ali Babacan will stand as a candidate for the Justice and Development Party (AKP) in a Nov. 1 election, marking the return of one of its most respected names for the snap poll. 

Babacan, a U.S.-educated former management consultant long seen as an anchor of foreign investor confidence, will run in the capital Ankara, according to the party's candidate list published on Sept. 18. 

Along with Finance Minister Mehmet Şimşek, whose candidacy was also announced, Babacan is widely credited with steering the economy through years of rapid growth - although it has now cooled considerably, due in part to concerns over political stability. 

The party founded by President Tayyip Erdoğan lost its single-party majority in June for the first time since coming to power in 2002. It now faces the early election after failing to find a junior partner and form a coalition government. 

Babacan was prevented from standing for re-election in June because of an internal party limit banning three consecutive terms. 

However, party officials have said the AKP would look to relax the rule for November, as a way to bring back some of its best known veterans for the election. 

Some polls suggest it will struggle to regain an absolute majority, with the latest showing support at 41.4 percent compared to 40.9 percent in the June vote.