Istanbul, Turkey Hotels and City Guide

Istanbul - Business Tips

Istanbul Economy and Industries

Istanbul has made the most of its prime location between Asia and Europe. It has always been a vital port, and now the financial health of all of Turkey largely depends on Istanbul. The city has moved from an ancient trading hub to a modern port, and by itself, it generates more than half of all of Turkey’s trade and 21.2 percent of the Gross National Product. The Gross Domestic Product in 2005 was a robust $133 billion.

Istanbul is Turkey’s industrial heart, and the city and its environs produce a host of items, such as fruit, olive oil, tobacco, cotton, textiles, oil products, rubber, metal ware, chemicals, leather goods, pharmaceuticals, glass ware, machinery, electronics, paper products, and alcoholic beverages.

The city also boasts a strong financial sector and is home to the Istanbul Stock Exchange (ISE), the only securities market in Turkey. There are both Turkish and international banks in the Levent and Maslak districts: Citibank, Merrill Lynch, JP Morgan, ING, Banca di Roma, Deutsche Bank, and Commerzbank are among the major financial institutions that operate from Istanbul. Wealth is unevenly distributed within Turkey, and especially within the city of Istanbul, so it is not uncommon to see squalor next to opulent palaces.

One of Istanbul’s strongest and most important industries is tourism. Thousands of hotels have sprung up in the city, with more planned all the time. In 1998, 9.75 million visitors traveled to Turkey. Just ten years later, that figured jumped to an incredible 30.9 million. The country earned $17.5 billion on its tourism trade, much of it due to its incredible cultural hub, Istanbul.

Business Tips

Greeting Someone in Istanbul: Business is personal. When meeting someone in Istanbul, it is better not to jump right into business. Instead, take time to ask about the person’s family, his favorite football team, or some suggestions for sights that you should see during your stay. The first meeting is usually more social in nature – but it is still vital to creating a positive business relationship. You commonly call a man by his first name and add “bey” (bay) to the end. For a woman, the first name is followed by “hanim” (ha-num). If you are meeting someone with a title, such as doctor or professor, use the title first, and then the first name. Senior staff is introduced first, such as “Mr. Manager, Mudur Bey.” It is then appropriate for you to refer to him as Mudur Bey.

It is important to follow the cues when meeting someone. For instance, men of the Muslim faith will likely not shake a woman’s hand. In this case, a slight bow is appropriate. If someone offers his hand, take it. If not, a bow is certainly respectful.

Business Hours and Banking: Business hours are typical of other industrial areas. Banks are open Monday through Friday 9:00am to 5:00pm, with many offering extended evening hours and shortened Saturday hours. Most businesses are open from 8:30am to 5:30pm, and shops and malls have longer hours to accommodate resident and visiting shoppers. In the hot summer, many government offices and similar businesses are closed in the afternoon.

Smoking: Do not smoke in public, enclosed places, such as theaters, shops, and public transportation. Many restaurants and bars allow smoking, and Istanbul is still tolerant of smokers, for the most part. In fact, smoking from the narghile, or hookah, is a time-honored Turkish tradition, and you can still do this in many areas of the city, such as Yaniceriler Ceaddesi. In general, don’t smoke in front of nonsmokers and children.

Business Etiquette

Don’t get right down to business. Instead, take time to chat about Istanbul’s beautiful attractions, the latest Galatasaray game, or your host’s family. Polite inquires, especially about their children, are always appreciated. This is not idle chit-chat. This is the foundation of a solid business relationship. The time you spend at long, leisurely breakfast or dinner meetings will help you impress your hosts and make them amenable to doing business with you. Be courteous and maintain eye contact. One thing to be aware of: Turkish people tend to stand much closer while talking. Resist the urge to back up as this is seen as very rude. Any written materials you have should be printed in both English and Turkish, including your business card.

Observe good business practices, like being punctual, respectful, prepared (that includes being prepared with the latest soccer scores), and social. To do business with you, the Turks have to know you – and it always helps when they like you. Turks care more about the social aspect of these first meetings than about formality and ritual, so try to relax.

Hotels in Istanbul, Turkey