The metropolis of Istanbul ranks in the top 20 on a list of the world’s 100 best “emerging ecosystems” for startups, Turkey’s technology and industry minister announced on Thursday.

Citing a new report by US-based global entrepreneurship research institution Startup Genome, Mustafa Varank tweeted that Turkey’s commercial capital Istanbul, at number 16, outranked several major cities such as Dubai, Moscow, and Brussels.

“Our potential is high in technology-based enterprises, and our targets are big,” he added.

On the list, India’s commercial capital Mumbai comes first, followed by Jakarta, Indonesia and Zurich, Switzerland at numbers two and three.

“Startups have become a top growth engine of the economy and policymakers are putting more energy and focus into the development of their startup ecosystems,” said the report.

“Europe is the leading continent for Emerging Ecosystems, with 38 cities in the list followed by North America with 32 startup ecosystems and Asia-Pacific is third with 22 ecosystems,” the report added.

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