Is Babacan staying or going?

Nobody can say we had a relaxed summer this year.

After the presidential election, we now have the snap Justice and Development Party (AKP) convention on Aug. 27 when the new leader and the prime minister will be elected. We will continue in the same tense tempo with another snap congress decision from the main opposition Republican People’s Party (CHP).

Foreign business circles in Istanbul are curious about the new Cabinet of the AKP, wondering whether or not the minister in charge of economy Ali Babacan will remain. Babacan, who has been leading the economy since 2002, is a known and reliable politician to domestic and international markets.

Hence, it should not be a surprise that a top executive in an international company – who recently returned back from holidays – was on the phone anxiously asking, “Is that true what I heard? Will Babacan not be in the new Cabinet?”

Babacan, no doubt, is a name that has been speculated a lot lately.

As a matter of fact, it is known that Babacan will be affected by the three-term rule of the AKP after the general elections. Also, he himself has frequently mentioned that he wants to end his political life and wishes to go back to business life.

However, both foreign circles here and international agencies and organizations have a high expectation that Babacan will keep his position until the general elections.

For example, in the World Economic Forum special summit scheduled for Sept. 28-29 in Istanbul, the Special Meeting on Unlocking Resources for Regional Development, Turkey’s most important participant will be Babacan.

Babacan has been participating in the WEF Davos meetings since 2002 and has always been the voice of...