In this article, we’ll explore the pros and cons of the proposed canal in Istanbul, from money concerns to environmental worries.
Pros of Istanbul Canal
-Transportation for goods from Asia to Europe
-Tourism, increased trade routes for tourism dollars
-More docking space and less pollution in Istanbul due to fewer ships – more space for other people to live, work, play or stay overnight
Cons of Istanbul Canal
-Estimated cost is $36 billion (1.5x the current GDP of Turkey)
-Possible destruction of natural habitats such as marshes and forests around the Sea of Marmara.
There will be a reaction to the canal from many people, as Turkey has historically been a country which has traded with both Europe and Asia. This should be no different, however, with most opposition coming from environmental groups such as Greenpeace. If the environmentalists win the day in Istanbul, this will make it much more difficult for Turkey to be an active trading partner in the world, even if they only trade their land products with other countries.
On the other hand, if you are interested in investing in the Istanbul Canal development, there are a few companies you should look at. Aydinlar Holding is one company that is involved in both transportation and construction. They have been working on the canal for some time and could be a great way to play the project to the upside if it goes through.
Cons of Istanbul Canal
One thing that really could hurt the project would be if the environmentalists won. They may have some sort of legal advantage which could sway things against the canal, such as cutting off the money for it. On the other hand, Russia has been so successful with their various projects in Europe due to their oil money that we could see a shift away from that direction, especially if they were to spend all of their money on just one project.
Another factor may be how quickly the Turkish economy is growing. If it is not growing as many people think, then it may be a lot tougher for the project to go through in the long run.
One thing to note is that this canal would only work for the majority of ships that are currently using Istanbul as a port. If this were to happen, then the positive benefits would hit their maximum potential and benefit Istanbul in numerous ways, such as making it a more desirable place to visit and travel from especially Russians and Europeans.
A lot of the positive benefits of the canal may not be seen for a long time, but one thing that is certain is that there will be a reaction to it from many people, as Turkey has historically been a country which has traded with both Europe and Asia. This should be no different, however, with most opposition coming from environmental groups such as Greenpeace.