Major Industries in Istanbul
Istanbul has long been the economic and commercial hub of Turkey. This is a city which is buzzing with life, and it never seems to sleep. Even at 5am, you will see traffic jams, a sight almost unheard of in most other cities across the globe!
Of course, Istanbul is also the only city in the world to span over two different continents, separated by the huge Bosphorus Bridge. The Bosphorus itself is a historic and vitally important sea trading route, and remains so to this very day. You will see countless huge tankers and ships making their way down the winding waters of the Bosphorus from the Marmara Sea to the Black Sea, with international stickers from Russia, America, and beyond. Even now, when sea trade seems to have been surpassed by air transportation, Istanbul’s waters are vital, and with several trade ports along the banks, it is a junction between sea and land for many huge international companies.
To give you more of an idea of how important Istanbul is to Turkey overall in terms of economy, the city has around 35% of the entire country’s population. When you consider the sheer size of Turkey and the overall population, that is a huge amount. This city is also the site of the highest annual household income amount, giving you an idea of why so many Turkish citizens flock to the largest city to make their ends meet.
The Main Industries of Istanbul
Of course, tourism is a big one in Istanbul. Events over the last few years have dampened down tourist amounts somewhat, but this is a city that will always be super-popular with visitors from all over the globe. The hope is that as things settle down, and hopefully remain so, numbers will rise again, rather than declining as they have done over the last couple of years.
The other industries which Istanbul claims are quite diverse, and include olive oil, tobacco, vehicle transportation, electronics, cotton, silk, textiles, oil products, leather, chemicals, glass, machinery, pharmaceuticals, and paper. There is also a large industry in Istanbul for alcoholic drink export and imports.
You only have to look around at the skyline, or check out the images as you’re travelling around the city to see big brand names on the huge skyscrapers. Many international companies are flocking to the city to take advantage of its huge locational advantages, with head offices set up on both the European and Asian sides of the city.
The fact that Istanbul is such an international city, with accents from all over the globe heard on a regular basis every single day, means that more diversity in terms of industry can be anticipated in the future. The Bosphorus will also always be there, and will always be the prime trade shipping route between Asia and Europe, and beyond. The water way doesn’t just link the Black Sea and the Marmara, it goes as far as the Mediterranean and beyond there too. This all ensures that Turkey remains connected to the major powers of global success both in terms of sea trade, air trade, and virtually too.
Legislation has been passed over the last few years to allow and encourage more foreign investment into the country. Many of those investors choose to open up their new businesses in Istanbul, becuase of its location. With this on the horizon, and more investment surely to come, Istanbul is going to business boom into the next century and beyond!
