Türkiye and Syria will make "rapid progress" on investment, banking collaboration, transportation links and customs in the period ahead, Trade Minister Ömer Bolat said on Friday, reaffirming Ankara's support to help the war-torn nation's revival.
Bolat's remarks came as he wrapped up a two-day trip to Damascus, which marked the most high-profile visit by a Turkish economic official to Syria since the ouster of longtime regime dictator Bashar Assad.
He was accompanied by a large delegation of Turkish business leaders, as well as the heads of chambers and trade associations.
Syria is reeling from nearly 14 years of civil war that decimated its infrastructure and economy, and severed it from the global financial system.
Opposition forces overthrew Assad after a lightning offensive in late December, which Bolat described as a revolution that restored freedom to the Syrian people.
Since then, officials have repeatedly voiced Türkiye's support and readiness to help rebuild the neighboring country. Transport and manufacturing firms eye big expansion plans for Syria in what some expect will be a tripling of trade.
“As a nation, government, and people, Türkiye has consistently stood by the Syrian people's quest for freedom,” Bolat told reporters, stressing that the newly established leadership in Syria is seeking to preserve national unity, and revive the war-torn economy.
He reflected on Türkiye's role during the civil war, noting the significant influx of refugees. "Türkiye provided shelter and support for Syrians escaping violence, fulfilling its role as a gracious host," he added.
Now, Syria faces a greater challenge – rebuilding its nation and economy.
“Over the past 14 years, Syria's national income has halved, and its trade has dropped to roughly one-fifth, but they have started to enter a very rapid recovery process,” said Bolat.
“As the Turkish government, we are striving to assist the new administration in Syria with the support they request from us because the stability, strengthening, and unity of Syria mean stability, strength, eliminating the terrorism problem, largely solving the migration issue, comfortably accessing the Gulf and the Middle East directly by land and increasing mutual trade for Türkiye,” he explained.
During the visit, Bolat held talks with Syrian ministers of economy, transportation and finance.
"Representatives from the private sector also participated in these meetings, voiced their expectations, and sought answers to the questions on their minds. We had very productive and fulfilling talks,” he said.
He also met with Qutaiba Ahmad Badawi, director-general of the Land and Sea Ports of Syria, with whom he said he discussed customs duties, restarting transit crossings, and facilitating transportation.
Bolat said Syrian government officials also expressed their willingness to cooperate with Türkiye in every field, be it increasing trade, joint investments, improving infrastructure, or areas ranging from energy and transportation to land, sea and railways.
They conveyed their expectations for Türkiye’s guidance and support, he added.
Last year, Türkiye's exports to Syria stood at $2.2 billion, while its imports were $437 million, official data showed.
In late January, Turkish and Syrian authorities agreed to start talks to revive a free trade agreement suspended in 2011, when the civil war began. And national flag carrier Turkish Airlines (THY) is one of a handful of carriers to have resumed flights to Damascus after a 13-year suspension.
Bolat announced plans for a comprehensive economic partnership agreement with Syria, covering the gradual reduction of tariffs, encouragement of joint investments, and reconstruction of damaged industrial zones.
Other priorities include restoring transportation networks across air, sea, rail, and road sectors, and addressing Syria's energy deficiencies.
“We conveyed that we want to negotiate a comprehensive economic partnership agreement with Syria and are ready for such negotiations. We addressed topics like gradually reducing customs duties between the two countries, promoting joint investments, ensuring that development is led by the private sector, rehabilitating damaged industrial zones in Syria, identifying areas needing repair and restoration in transportation infrastructure, and initiating new projects,” said Bolat.
“We also discussed re-establishing transportation networks, be it by air, sea, rail, or road, between Türkiye and Syria, addressing Syria's energy needs, and the potential cooperation between the two countries on these issues.”
Bolat highlighted a mutual agreement to renegotiate the investment promotion and protection agreement and the prevention of double taxation agreement.
"Türkiye and Syria will grow their economies further in line with the interests of their people, as two friendly neighboring countries, merging their economic strengths and achieving regional economic integration together," said the minister.
Bolat said economic, investment and trade cooperation would increase rapidly from now on, but highlighted that certain agreements need to be made and renewed "as soon as possible" to facilitate collaboration.
"We will make rapid progress on topics such as the promotion and protection of investments, prevention of double taxation, banking cooperation, opening Turkish banks in Syria, initiating Ro-Ro services, eliminating delays at customs, and enabling transportation agreements to start mutual operations between Turkish and Syrian transportation companies," he noted.
Bolat also underlined the importance of diaspora Syrians returning to invest in their homeland and the need for Gulf and Islamic countries to contribute to Syria's reconstruction.
"The negative effects of the 14-year-long civil war have impacted all of us. A stable Syria will also serve as a guarantee for a strong and stable Türkiye," he noted.
