The minister was speaking yesterday at the opening of the Economic and Social Council (ESK) meeting, organized by the State Planning Organization (DPT) in İstanbul. Ekren said the governor and mayor of İstanbul will immediately initiate the necessary steps for the formation of the development agency in the city. They will start an intensive process in collaboration with nongovernmental organizations and the DPT, the minister noted, adding that they will later issue a government decree to officially launch the development agency.

Rendering this city a regional and global financial center has always been at the top of our agenda, the minister noted. "İstanbul is already a focal point of international capital driven by the membership process for accession to the European Union, magnifying its strategic importance," he said. However, this shouldn't be understood as accumulating the country's resources in one city, Ekren pointed out, adding that the mobilization of the country's resources to the benefit of all in a regional balance is the primary assignment of not only the government, but private initiatives and nongovernmental organizations.

Ekren reiterated that the main responsibility for the process of economic and social development falls on the DPT's shoulders. The DPT, in addition, has a special role in evening out the regional disparities and imbalances, he added.

Ekren stated that the project of making Turkey's financial capital a regional and global financial center would also contribute to development of the whole country, as well as enhancing Turkey's image around the world.

İstanbul is home to 20 percent of Turkey's population. The number of residents in the city has grown tenfold since 1950, with its current population now close to 15 million. Including temporary visitors and tourists, approximately 20 million are in the city at any given time.

Ekren said İstanbul provides one-fourth of the gross domestic product (GDP), 38 percent of overall industrial income, more than half of services and 40 percent of tax revenues.

"İstanbul can be a financial, cultural and logistic center of Turkey, thanks to its unique geographical location, rich historical, cultural and architectural heritage, giant infrastructural investments, economic links with Europe, Asia and the Balkans, and relatively cheap labor force," the minister stated.

A bill was submitted to Parliament in June that entails relocation of the Central Bank of Turkey, Vakıfbank, the Capital Markets Board (SPK) and the Banking Regulation and Supervision Agency (BDDK) to İstanbul.