The third Istanbul Economy Summit, to be held this Dec. 5, is expected to create a business volume of some $1 billion, according to analysts.

The major business and economic conference will bring in more than 500 local and foreign investors from 10 countries. Speaking at a press conference at Çırağan Palace in Beşiktaş, on the waterfront in Turkey's commercial capital, summit CEO Abdullah Deger said the gathering will discuss the "new world order."

The event will be co-organized by the Turkish Exporters' Assembly (TİM), Turkish Enterprise and Business Confederation (TÜRKONFED), and Association of Turkish Travel Agencies (TÜRSAB).