Istanbul PPP summit seeks to contribute to turn Istanbul into a Global Finance center
Istanbul, November 4 2015 (Source DAILY SABAH)
Turkey´s Foreign Economic Relations Board (DEİK) hosted the Istanbul PPP Summit within the framework of Turkish G-20 Presidency. The summit was held from Nov. 2-5, with the support of the Economy Ministry of Turkey and in cooperation with the World Bank, the International Finance Center and the Under Secretariat of the Treasury.
Speaking to Daily Sabah, the Executive Director (President) of the Institute for Public-Private Partnerships (IP3), David Baxter, pointed to political stability for PPP investments, and said it generally eliminates the perception of risk, making investors feel more comfortable. "After five months of uncertainty in Turkey, I think investors are going to feel more comfortable because the perception of risk goes away, which might make it easier for investment," he said. However, Baxter added that the government also needs to create a less risky environment and maintain this situation. On the other hand, he emphasized that the process is complex and that PPPs have to be above politics.
Baxter emphasized the necessity of giving an ear to independent groups that work in the PPP sector. "Hopefully, the government will look to certain independent groups that come up with ideas and recommendations regarding PPP processes," Baxter said, adding that the general situation of the economy is positive.
Dr. Eyüp Vural Aydın, head of the DEİK PPP Committee, said the summit was intended to make a large contribution to the target of turning Istanbul into a finance center. "As the need for infrastructure investments increases, especially for developing countries, the public sector remains limited in terms of the necessary budget for large investments. Therefore, investing through the cooperation of the public and private sectors has become an important alternative," Aydin said. The event aimed to enable Turkish business community representatives to be included in important international projects and to establish a platform where different countries share their experiences in this field.