Impressive landscape sketched by the Bosphorus

So to the World Economic Forum last week, not only in Turkey but discussing Turkey.

Doing so, it must be said, at a critical juncture in world affairs, when the host nation's attempts to harmonise with the European Union, viewing potential membership in 2015, may have a significant bearing on the relationship between West and East.

Turkey's profile as a large country partly of the Middle East, an overwhelmingly Muslim yet secular society, and one engaged thoroughly in democratic and economic reform, makes it a fascinating and perhaps crucial case study for the observing world.

Turkey's transformation in recent years in economic performance and reform, and political and constitutional adjustment, presents a great opportunity for cross-border, inter-cultural transaction and conciliation. Prime minister Erdogan played heavily on this point, raising the stakes by portraying Turkey's accession negotiations as a test of Europe's willingness to engage fairly.

His focus in both opening and closing sessions on the recent Alliance of Civilisations concord with the UN and Spain, and the weight placed on pending Nato and EU summit meetings, highlighted the issue.

Sphere of influence

Still, he enticed Europe with the promise of not just a country committed to continuing reform, and a huge and increasingly prosperous market, but furthermore an energy corridor from the Caucasus, and a sphere of influence in the Middle East region. It seems the ball is in the EU's court.

Turkey's membership of both the Organisation of Islamic States and Nato does make it unique. So the political importance, especially in these times, is not hard to see.Part of the trouble now is that Turkish public opinion in favour of the EU has slumped, as Europe's political leaders have revealed their vacillation in the face of nervous electorates.

That's especially unfortunate when the moment for political and economic involvement is so ripe, and the need so urgent.

The impressive efforts by Turkey in recent years to break from its unstable economic past have created a tantalising investment prospect, besides the strategic chance.

The Gulf region has an interest in such an evolution in more than one respect.The overhaul undertaken by Turkey obviously conveys serious resolution in terms of geopolitical alignment. That's the broader stage.

In the current enactment, the financial and thereby development rewards of that backdrop in terms of inward investment and rising wealth, in a country of 80m people and a young population, can hardly be overstated.

Rising FDI, substantially relaxing the balance of payments constraint on economic growth, is the result of policy-based economic stability and structural change.

Leverage

It has provided the leverage to encourage even further investment from players with an interest in diversifying their portfolios, and in accepting moderate risk in the pursuit of potentially lucrative reward. Investors from the GCC countries fit that bill precisely, and have deep pockets.

There is a tendency for esteemed gatherings such as the WEF to turn into talking shops and a forum for self-interested networking.

The convolutions of monologue offered from the platform by some of the EU's representatives in Istanbul were almost beyond parody. Some of the blandishments conveyed between participants were routine.

Yet, that price of admission was worth paying in this instance, for it is a genuinely portentous moment in history, and this was an occasion where dialogue was important to a degree way beyond the immediate prospects of the country receiving the besuited delegates.

There are times when it's not, as the saying often goes, only business, but where the connection between financial opportunity and mutual understanding becomes most evident and critical. This event was one of them.