Izmir University of Economics was established in 2001 by the Izmir Chamber of Commerce Education and Health Foundation. The University has the official aim to raise participative and creative individuals who are loyal to Ataturk's principles and revolutions. The university is the first foundation university of Izmir and the Aegean Region. Izmir University of Economics is also the first specialization university of Turkey. It was planning to establish a university in Goslar, Germany by 2007, but these plans have not materialized yet as of 2008[update].