The Turkish state minister for economy said on Friday that Turkey's vision was to make Istanbul a finance center.

Turkey's State Minister and Deputy Prime Minister Ali Babacan said that the vision of the government was to make Istanbul first a region and finally a global finance center.

"A report of the Banks Association of Turkey indicated that Istanbul was relatively better than its rivals in factors required to become an international finance center," Babacan told a press conference on the Strategy and Action Plan to Make Istanbul an International Finance Center.

Babacan enumerated those factors as low business costs, qualified labor force, local, regional and economic growth potential, and attractive living style.

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However, Babacan said the report said Istanbul needed development in areas such as image, legal and financial atmosphere, political and economic stability, regulatory frame, and infrastructure.

Babacan also enumerated the factors required to make Istanbul an international finance center as "laying the legal groundwork operating in international standards", "offering various financial products", "solving physical and communicative infrastructure problems", "simplifying tax system and making it more efficient", "developing the regulatory and supervisory system in line with international standards", "laying the groundwork to educate qualified labor force", and "ensuring world-wide promotion".

The minister said nine working groups had been set up to set strategies in above mentioned areas, and the groups prepared and handed out their reports to the State Planning Organization as of end of May.

"A workshop was held at the beginning of june with participation of representatives of limited number of institutions in line with these reports, and a draft strategy and action plan was prepared," he said.

Babacan said the Economy Coordination Board discussed and shaped up the draft in its meeting in September.

"The Supreme Planning Board approved the draft on September 29, and it was published in the Official Gazette today," he said.

Babacan said the draft gave priority to legal grounds, financial product and diversity of service, taxation, regulatory and supervisory frame, infrastructure, technology, organization, human rights and promotion, and image to achieve the target of making Istanbul a global financial center.

The minister said courts specialized in financial areas would be set up to strengthen the legal infrastructure in Istanbul.

"Another important aspect in legal area is to establish an independent and autonomous institutional arbitration center in Istanbul," he said.

Babacan said thus, mediation system would be developed to solve disputes in a short time and without resorting to courts.

Also, Babacan forecast that Turkey's gross domestic product (GDP) would be 2 trillion USD in 2023 and 21 trillion USD in 2050.

Babacan also said those forecasts indicated that Turkey would be among the biggest economies in the world 30 or 40 years later.

Turkey's State Minister Babacan held the press conference on the sidelines of the annual meetings of the International Monetary Fund (IMF) and World Bank.

The IMF-World Bank are holding their annual meetings in Istanbul.