Historically, Istanbul has been the center of the country’s economic life due to its location as an international junction of land and sea trade routes.  Istanbul has always been the “financial capital” of Turkey, even after Ankara became the new political capital in 1923.

Levent and Maslak financial districts are home to the headquarters of Turkey’s largest companies and banks, as well as the local headquarters of global giants of the financial sector such as Citibank, Merrill Lynch, J. P. Morgan, HSBC, ABN Amro, Fortis, ING Bank, BNP Paribas, Société Générale, Banca di Roma, UniCredit, WestLB, Deutsche Bank, Commerzbank, and many others. Both Levent and Maslak have a constantly growing and changing dynamic skyline with several new skyscraper projects being proposed, approved and initiated every year.

Istanbul is the “industrial center” of Turkey. It employs approximately 20% of Turkey’s industrial labor and contributes 38% of Turkey’s industrial workspace. Many of Turkey’s major manufacturing plants are located in the city. Istanbul and its surrounding province produce cotton, fruit, olive oil, silk, and tobacco. Food processing, textile production, oil products, rubber, metal ware, leather, chemicals, electronics, glass, machinery, paper and paper products, and alcoholic drinks are among the city’s major industrial products. The city also has plants that assemble automobiles and trucks.

Pharmaceutical industry started in 1952 with the establishment of “Eczacýbaþý Pharmaceuticals Factory” in Levent, Istanbul. Today, 134 companies operate in the pharmaceutical industry, which significant part is within the city.

The major earthquake which was epicentered in nearby Kocaeli on August 17th, 1999, triggered one of the largest economic shocks for the city. Apart from the capital and human losses caused by the disaster, a decrease in GDP of approximately two percent occurred. Despite these downturns, Istanbul’s economy has strongly improved and recovered in the recent years.

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