Megacity with Ambitions to Match
Powerful voice of business Leyla Boulton meets Umit Boyner (right), ISTANBUL outspoken head of the Tusiad lobby group and advocate of good Business & Finance governance Page 4 FINANCIAL TIMES SPECIAL REPORT | Wednesday December 14 2011 www.ft.com/istanbul2011 | twitter.com/ftreports Megacity with ambitions to match If Istanbul addresses its infrastructure problems and mitigates earthquake risk, it can rank among the world’s great centres, writes Daniel Dombey tanding between the tramline and the Grand Bazaar, with no plaque to mark it out, a forlorn column bears witness to Istan- Sbul’s long history as a world city. This ancient mass of porphyry, once topped by a statue of the emperor Constantine, was built to mark the inauguration of the new centre of the Roman empire in 330AD. Only in 1923, after 16 centuries of triumphs and defeats under Byzantines and Otto- mans, did the city lose its status as a capital. But today Istanbul is at the fore- front of the world stage once again. Kadir Topbas, mayor, argues that Istanbul’s “increasing prestige, brand value and economic power” is more than a match for the challenges it faces in infrastructure and other areas. “Istanbul is a city the world looks at with envy,” he claims. Home to the biggest banks and com- panies of a self-confident Turkey, Istanbul is a multitude of cities crammed into one – an industrial hub; a centre of financial activity; a diplo- Grand design: the vision of the government of Recep Tayyip Erdogan, Turkey’s powerful, Istanbulborn prime minister, is to transform the city still further Dreamstime matic and conference meeting point with a backdrop beyond compare; a covering 85 countries, including Saudi The country’s internal market of – which include the proposed new nels under the Bosphorus – is far from “It’s a very expensive process to megacity whose 15m-strong popula- Arabia, Russia, South Africa, Nigeria more than 70m people is unlikely to $6bn bridge over the Bosphorus and the main infrastructure problem fac- take measures to reduce this risk,” tion makes it Europe’s largest.
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