Gönül: We Will Continue to Support the Tourism Sector as the Capital Markets Board

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Gönül: We Will Continue to Support the Tourism Sector as the Capital Markets Board

The "Tourism Investment Forum" organized in strategic partnership with the Presidential Investment Office, the Ministry of Culture and Tourism, and the World Travel and Tourism Council has started, according to the Turkey Tourism Investors Association.

In his opening speech, Ibrahim Ömer Gönül, the Chairman of the Capital Markets Board (CMB), stated that the tourism sector is critical for the Turkish economy, and recent figures support this assertion. He noted that approximately 50 million visitors came to the country between January and September this year and remarked:

"It is significant that total tourism revenue reached 47 billion dollars during the same period. As CMB, we will continue to support the tourism sector. Currently, there are a total of 19 tourism companies listed in the stock market, 13 of which are in the BIST Tourism Index. We completed the initial public offerings (IPOs) of three of these 13 companies in 2023. We continue to support the sector through capital markets.

We sincerely desire the continued IPOs of our tourism companies. IPOs are not just a means of obtaining financing; they are an important pathway to institutionalization, development, and increasing global recognition. In addition to IPOs, we have many instruments that will serve the tourism sector, especially as Real Estate Investment Funds, Venture Capital Investment Funds, and Real Estate Development Funds."

Gönül also mentioned that debt instruments are another capital market tool that companies are particularly interested in, emphasizing that sustainable debt instruments represent a significant resource for the tourism sector.

He stated, "Globally, sustainability is especially prominent in growing economies. We expect this to develop further in the coming years. Our emerging tourism sector and sustainability will undoubtedly be two stakeholders that progress side by side. We have enabled the issuance of lease certificates as an interest-free financing tool for issuers and investors sensitive to interest rates. As of November 22, 2024, we have provided 774 billion lira in resources to our companies in the BIST Tourism Index through lease certificate issuance, and we deem it important for this to increase."

CMB Chairman Gönül indicated that they are continuing efforts to expand regulations in line with incoming demands.