The top Turkish union representing local chambers of commerce, industry and commodity exchanges hosted on Monday in the western province of Izmir a major meeting and forum in cooperation with the Union of Arab Chambers, at which it evaluated the economic cooperation and trade with Arab countries, and also the reconstruction of Syria.
The Union of Chambers and Commodity Exchanges (TOBB) is preparing a delegation to visit Damascus in the upcoming days to explore ways to contribute to Syria’s reconstruction and revive its private sector and entrepreneurship, TOBB President Rifat Hisarcıklıoğlu said.
Speaking at the Turkish-Arab Chamber of Commerce Board Meeting and Business Forum, Hisarcıklıoğlu said that he was pleased to welcome businesspeople and ambassadors from 15 Arab countries in Izmir, adding that the city is one of the oldest trade centers of the Mediterranean.
He also noted how the world is going through a difficult period and that Israel's aggressive policies in Gaza and the region directly threaten peace and stability.
"We are pleased to follow the normalization process in Syria," Hisarcıklıoğlu said.
"As TOBB, we will hopefully go to Damascus in three days. We will work on how we can support Syria's reconstruction and how we can revive the private sector and entrepreneurship," he added.
He pointed out that the decision by the European Union and the U.S. to lift economic sanctions on Syria will add momentum to the economic development of the country.
Türkiye, alongside some Gulf states, is expected to take on a major role in the reconstruction of the country after years of civil war, which left its infrastructure destroyed and millions of people displaced.
Some 6 million people fled Syria during the conflict, and the United Nations estimates that 90% of those who stayed lived in poverty and relied on humanitarian aid to survive. Half a million people were killed in the conflict.
Damascus now anticipates investments and business projects with Qatar, Türkiye, Saudi Arabia and others, as they reestablish flight paths and hold high-level political and economic meetings.
New Syrian authorities, earlier in May, signed a memorandum of understanding with a consortium of Qatari, Turkish and U.S. companies to develop major power generation projects with a foreign investment valued at about $7 billion.
Turkish carriers, including Turkish Airlines (THY) and its subsidiary AJet, have also launched flights to Syria.
"We are also pleased with the development of our trade relations with Arab countries in recent years," Hisarcıklıoğlu further said.
Türkiye's exports to Arab countries were only $5 billion 20 years ago, which accounted for 10% of Türkiye's exports. In 2024, this figure exceeded $50 billion and reached 20%, he stressed.
"In the last 20 years, Türkiye has received more than $50 billion in foreign direct investment from Arab countries. An average of 10 million Arab tourists travel to Türkiye every year. All these are positive developments, but we have the potential to do much better," he noted.
"Our relations are becoming even more important in the face of the difficulties experienced due to our geopolitical position. Our trade potential is very high and this forum creates an opportunity to establish new business partnerships. Good relations can be established between countries through their investments," said Union of Arab Chambers President Samir Majoul.
The meeting, held at the Izmir Chamber of Commerce, in addition to Hisarcıklıoğlu and Majoul, was also attended by Union of Arab Chambers Secretary-General Khaled Hanafy, ambassadors and more than 100 businesspeople from 15 Arab countries.
