Meyer "Sandy" Frucher, the New York-based Nasdaq OMX Vice Chairman, has praised the Turkish economy on its strategic partnership between the Borsa Istanbul and Nasdaq, saying the high gains in the Turkish market were very impressive and would grow.

“The Turkish economy has little rise and fall, but it has a very strong foundation,” he said in interview with Anadolu Agency on Monday, adding: “The Turkish market is quite impressive for the high gain. We think the market in Turkey will grow and the region's economy will expand with diversification.”

The Borsa Istanbul - the country's only stock exchange - and the Nasdaq OMX Group signed a strategic partnership agreement on December 31 last year which is expected to cement the Turkish index's position and brand as the market hub for the Eurasia region, serving global issuers, investors and corporations.

The agreement includes the delivery of market-leading technologies and advisory services to Borsa Istanbul.

The Nasdaq OMX is taking a five percent equity stake in the BIST, with an option to increase its share by an additional two percent.

The Nasdaq OMX would also receive a series of cash payments. The parties' future cooperation may also include minority participation by BIST in the Nasdaq OMX.

- 'Important step'

Representatives from Borsa Istanbul visited the Nasdaq market site in Times Square, New York, on Monday to celebrate the strategic partnership between the pair and to ring the Opening Bell in honor of the visit.

Frucher said: “Turkish markets will be a major hub in the region due to the strength of the market. In line with this partnership with the Nasdaq, Istanbul took an important step in being an international financial center.”

“Turkey is a country where people from different cultures and religions come together. It is very important that people from different religions and cultures are together,” Frucher said.” For this reason, the partnership between Borsa Istanbul and Nasdaq will help the greater understanding of all people, growth and the creation of more opportunities for them."

He added: "Therefore, the partnership created a perfect synergy and was a perfect partnership.”

Frucher stressed: “When the market is configuring, it needs a configuration that makes a global impact."

"People need an area that can provide for them to grow and be understood. The Turkish market is a healthy field for them to grow in," Frucher continued.

"Borsa Istanbul will expand further and provide better services with the agreement. This is a not gambling, or a game, but it is a long-term investment. Borsa Istanbul will be much better than its current state."