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1HSBC City Report: Istanbul

HSBC City Report: Istanbul

The essence of past, present, and future

2HSBC City Report: Istanbul

3HSBC City Report: Istanbul

Contents

Istanbul's rapid growth trajectory

p.4-9

Key development issues for Istanbul

p.10-12

Existing future plans

p.13-15

COVID19 and the next cycle of Istanbul

p.16-19

HSBC a key partner in the sustainable

evolution of Istanbul's next chapter p.20-22

4HSBC City Report: Istanbul

The Next Chapter of Istanbul

1. Istanbul's rapid growth trajectory

The city gateway between Europe and Asia, Istanbul has been one of the most successful emerging

megacities since the global ?nancial crisis of 2008-9. Turkey's business, financial, and creative capital has been

among the fastest growing urban economies, driven by rising consumption from a growing middle class, a strong

demographic profile, and rapid expansion in knowledge industries. Now the metropolitan area with the 15th largest population globally, 1

Istanbul's strategic position along the Silk

Road, sea routes, and international railway connections, has been fundamental to its resurgent transnational

influence and economic pull. Figure 1: Istanbul's population over time; Source: UN World Urbanization Prospects 2018

1965 1975 1985 1995 2005 2015 2025 2035

20Millions

15 10 5

0Population growth starts

to slow down (population growth rate <10%)

Population doubles

in 10 years

5HSBC City Report: Istanbul

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Figure 2: Contemporary timeline of Istanbul

Istanbul7s global corridors and gateway functions

At the crossroads of Europe and Asia, Istanbul has been a corridor of tr ade and tourism for centuries. This role is

now resurgent as Istanbul is a major destination for ows of tourists, goods, information and capital across Eurasia.

Istanbul"s number of visitor arrivals has grown by 40% since 2017 and with now nearly 15 million visitors, it ranks

2nd in MENAT as a tourist destination, and 3rd in Europe, just behind London and Paris.

2

The city also ranks

6th globally for international freight ows and recent infrastructure investment will grow Istanbul"s capacity as a

corridor, as its airport and port expand. 3 As the Belt & Road Initiative unfolds, Istanbul bene?ts from a strategic location in linking Chin a to Europe along

the “Trans-Caspian Middle Corridor" and the recent construction of a railway linking Genk in Belgium to Istanbul in

less than 6 days reveals the economic opportunities of cross-border trade that railway development can oer in the

region.

6HSBC City Report: Istanbul

A young and internationalising population

In 1965, only 6.5% of Turkey's population lived in Istanbul. Since then this share has grown to 18.1% and is

projected to exceed 20% by 2035. Although it is forecast that Istanbul will reach nearl y 20 million in population by

2035, its projected rate of growth is now slower than the majority of the 35 megacities worldwide, with South Asian

and African cities growing more rapidly. 4

Istanbul's young population and rising disposable income have created a dynamic domestic consumer and labour

market. Economic fundamentals appear stronger than many of its other emergin g megacity peers. After rapid

growth in the past 50 years, Istanbul is at the start of its third cycle of development, which will see priorities shift

towards urban growth management, economic diversification and innovation ecosystem development and co-

ordination.

Istanbul has a relatively young labour market. 45% of its residents are under 30 years old and almost 80% of its

population is below 50 years old. 5 Istanbul's young workforce is one of its most competitive resources as firms are able to access skilled labour at internationally competitive prices. Figure 3: Istanbul's age pyramid; Source: UrbiStat

1,500,000 1,000,000 500,000 0 500,000

1,000,000 1,500,000 2,000,000FemaleMale

65 - 7475+

55 - 64

45 - 54

35 - 44

25 - 34

18 - 24

12 - 17

0 - 11

7HSBC City Report: Istanbul

Istanbul's rapid population growth has been fuelled in large part by internal migration of workers from

Eastern Turkey seeking employment, higher wages

and improved quality of life. Only 28% of the city's population was born in Istanbul and the city is consistently attracting new waves of migrants and refugees. 6

Istanbul's foreign-born population remains

small, now representing 3.7% of the population, but is growing again. 7

A diversifying economy

Since the mid-1990s, Istanbul's economy has been

one of the fastest-growing in the OECD 8

This reflects a

structural transition towards a services economy, with finance, professional services, engineering, science and

IT among the high growth sectors.

Logistics & Trade

Istanbul has become a major inter-continental

trade hub and plays very important retail and logistics roles.

The latest metropolitan data show that

transportation, logistics and storage account for over

15% of output, the highest among Europe's leading

cities. 9

Its manufacturing base, including, electronics

and automotive parts, remains resilient and is transitioning to higher value outputs such as aerospace.

Istanbul promises to become a global gateway as

it optimises its logistics systems . Its important geo- strategic location and two large container ports, with a combined container capacity of over 3.6 million tons per year, mean the city is acquiring the capacity to compete with other major global trade hubs in the region and globally. 10

Major infrastructure projects planned for the

next 5-10 years are set to create substantial additional capacity.

Financial Sector

In the past 10 years, Istanbul has emerged as a trusted financial centre. Istanbul is currently rated the 79th most highly regarded financial centre globally.

11 The Turkish government has set a target of transforming Istanbul into a global financial hub by 2023 and has begun construction on the Istanbul International Financial Centre on the Asian side of the city. Expected to ultimately create 30,000 jobs, the centre will open in 2022 with approximately $2.6 billion of public investment. As global competition increases, it will help the city to establish a global reputation for business and financial activity. 12 By fostering an attractive environment for foreign financial institutions to enter the MENAT region, Istanbul intends to establish a financial sector cluster with scale, knowledge and network e?ciencies that are truly competitive on a global scale.

Tourism

Prior to Covid-19, Istanbul had acquired international tourism and destination appeal . The city had improved to 8th globally for the number of visitors and 15th for international visitor overnight spending. 13

The city has

also stood out for the diversity of its tourism base, from nearly all continents. Istanbul had become a clear leader in the MENAT region as a tourist and retail destination, with a third of top global retailers present, and ranks

2nd among leading global cities for the number of retail

shops, only behind Paris. 14

Digital gaming

Istanbul has been emerging as a regional hub for

digital gaming . It has been one of the fastest-growing e-sports markets and has recently opened the largest e-sports arena in Europe and Middle East, bringing together players and content creators. In addition, Istanbul is home to mobile game company Peak Games,

Turkey's first unicorn.

8HSBC City Report: Istanbul

Attracting and retaining talent

Istanbul's global connectivity and position make it an attractive destination for visitors. The city now seeks to

develop the living conditions to attract and retain international talent. 15

Improvements to liveability, and health and

education services can help the city attract new residents from overseas.

Reforms are also underway to internationalise the city's workforce. The government announced in 2019 it would

remove almost all barriers to foreign students wishing to study in Turkey. The government aims to increase foreign

enrolment to 200,000 students by 2022. 16 To this end many universities in Istanbul now participate in the EU's

Erasmus student exchange program.

Higher education assets

Istanbul's maturing university cluster means it is among the vanguard of emerging cities for hig her education. In

2019, Istanbul was ranked as the 71st best student city globally, the second best in the MENAT region and one

of only three to feature in the top 100. It boasts more than 850,000 stu dents studying in 58 public and private universities, including 5 that are globally recognised. 17

Figure 4: Istanbul's international ranking as a student city; Source: QS World University Rankings 2019

Overall Student City

Student Mix

Quality of life and

desirability

Domestic and

international employer popularity120th

100th80th40th20th1st

A?ordability

9HSBC City Report: Istanbul

Istanbul's performance in the global and regional context

Istanbul is part of a strong performing group of megacities globally, and is a leader in MENAT in terms of aviation,

freight and start-ups. It also possesses a competitive infrastructure platform and talent pool. The major competitive

gaps are in terms of broad-based liveability, technology applications, and building truly global high value

specialisations that can raise productivity.

AT Kearney

Global Cities

IndexZ-Yen global

Financial

CentresStartupBlink

Stratup CitiesIMD Smart

Cities IndexMori Memorial

Foundation

Global Power

City Index:

Railway StationIESE Cities in

Motion:

TechnologyMori Memorial

Foundation

Global Power

CityJLL Global 650:

Number of air

passengers

INSEAD Global

Talent

Competitiveness

Index

Mercer Quality

of Live Survey

Overall

Competitive

ness and future growth prospect 79
th / 10291 st / 13080 th

1000-90

th / 17410 th / 54191 st / 155130 th 231
8 th / 119 th / 183 rd / 26- --9 th / 176 th / 48 2 nd / 429 th / 48 1 st / 41 st />255 th / 1311 th / 26

Actual and

perceived strength of financial industrySize, scale and growth trajectory of start-up ecosystemResidents" perception of tech infrastructure and smart services to improve quality of lifeDensity of railway stations per km²City wide digital technology adoption and quality of tech infrastructurePort freight flows plus no. of cities from which direct cargo flights depart & arrive at city airportNo. of annual air passengersIngradients for attracting, retainig and growing a skilled talent baseOverall quality of life Date

Istanbul

global rankquotesdbs_dbs21.pdfusesText_27