No investor regrets trusting Türkiye, says Erdoğan

ISTANBUL

President Recep Tayyip Erdoğan has asserted Türkiye's credibility as an investment hub, pledging to transform Istanbul into a global financial center.

"No entrepreneur who aimed to win by making [Türkiye] win felt regretful afterwards," he stated during an event in Istanbul on May 24.

Erdoğan further pledged to bolster cooperation on a mutually beneficial basis, outlining plans to elevate Istanbul's status as a financial powerhouse.

"No one who trusted Türkiye regretted it," he affirmed, highlighting the readiness of Turkish institutions to support investors.

In his address, Erdoğan took aim at the global financial system, criticizing its shortcomings and advocating for a more inclusive approach.

"Borders and distances cannot protect us today, when the world has turned into a giant village," he remarked, challenging the existing "elite's disregard for global interconnectedness."

Calling for systemic change, Erdoğan decried the "exploitation" inherent in the current financial structure.

"We must all join hands to create a more encompassing system," he urged.

Citing stark wealth inequality statistics, Erdoğan highlighted the concentration of global wealth among the richest 1 percent, juxtaposed with the meager share held by the bottom 50 percent.

"There is an increasing transfer of wealth from the poor to the rich globally," he remarked, attributing this phenomenon to the capitalist system's propensity for monopolization and monetization.

Erdoğan contended that the current system perpetuates poverty rather than alleviating it, arguing, "It is necessary to accept that this system, which makes the poor poorer, cannot be a cure for the problems."

Proposing an alternative model, Erdoğan championed "Islamic finance, also known as participation finance in Türkiye."

The president underscored its focus on social justice and positive social impact, positioning it as a viable solution to global economic challenges.

Participation banking, prevalent in Türkiye and other predominantly Muslim countries, emphasizes principles of justice, morality and sustainability, he said. Erdoğan announced plans to increase its share in the sector, aiming for a substantial rise from the current 9 percent to 15 percent in the near future.

"As a government that has brought success to the Turkish economy in the last 21 years, we will bring participation finance to the places it deserves," Erdoğan said.