As Lord Mayor, a central part of my role is to promote British expertise and services in our key export markets. Turkey is fast becoming one of those key markets, and I’m currently visiting the country to engage government officials and industry leaders in discussions about the mutually-beneficial partnership to be had between Turkey and the City of London and the UK as a whole. We have a commercial partnership with this region that stretches back over five centuries, and it is a pleasure to be here building on that relationship. I’m delighted to be joined by TheCityUK on this delegation, and equally delighted that TheCityUK is recognising the importance of Turkey in establishing its Turkey Market Advisory Group.
The Lord Mayor of the City of London, Alderman David Wootton, meeting His Excellency Abdullah Gül, President of the Republic of Turkey
In order for the Turkish economy to continue to develop further, and for Turkey to achieve greater global reach as a political force, its financial services sector must develop – and that will require support. Turkey needs to provide the products, liquidity and expertise that will be crucial to developing its domestic economy, attracting foreign investment and competing in an ever more globalised economy. Supporting such development is in the UK’s interests since that development is a vital precondition of growth in the wider economy. Istanbul enjoys an advantageous geographical position, providing a bridge between east and west and positioned at the beginning and end of the land routes across the Middle East and Central Asia, and helping Turkey to grow will have knock-on benefits for all of us.
As well as the importance of developing partnerships to grow financial services, I’ve also been discussing the UK’s potential to support Turkey in meeting its PPP and infrastructure needs, and in providing maritime services and expertise. Our Turkish partners are striving to meet the targets set by their Government as part of Vision 2023. These call for a $50 billion investment in the building of 11 thousand kilometres of new railway and the expansion of their high-speed rail network, 15 thousand kilometres of divided highway and the creation of one of the 10 largest ports in the world. The UK, as an expert in all aspects of PPP and in maritime services, is in a unique position to help Turkey to realise its ambitions.
Finally, I’ve been drawing attention to the legal services that can come from the UK. A properly regulated, independent and ethical legal system embedded in the courts, judiciary and legal professions is a vital anchor for any successful market economy, and it will be to Turkey. The City of London is the world’s leading global financial centre, and no other market can match it for the range and scale of its activities. More international and commercial arbitrations take place in London under English law than in any other city in the world – with 90% of commercial cases handled by London firms involving an international party – and there are a wealth of opportunities for overseas markets to make use of our skills and of the UK as a place to do business. I’ve been using my visit to Turkey to promote the Unlocking Disputes campaign, and will continue to do so on my other visits this year.
I’m sure that, by working together, we can help to grow the Turkish economy to Turkey’s benefit as well as our own.
For more information on the formation of the Turkey Market Advisory Group and how you can get involved, please contact us.
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