Syria-Turkey Forum Targets $10 Billion Trade

Damascus hosted a two day Syrian Turkish business forum with the participation of a Turkish delegation of about 40 companies from various industrial and commercial sectors, led by Turkish Trade Minister Omer Bolat and head of the Turkish Exporters Assembly Mustafa Gultepe. The Syrian Ministry of Economy and Industry organized the event, which discussed a new phase of cooperation based on joint investment and mutual production.

Areas of Cooperation

Turkish Trade Minister Omer Bolat said cooperation between the two countries covers investment, transport, energy and customs, alongside continued coordination between the Turkish and Syrian central banks. He also pointed to prospects for establishing Turkish banks in Syria and strengthening financial ties through the joint economic and trade committee.

From Trade to Production

Syrian Investment Authority director Ahmad Rawad Ramadan said the Syrian economy needs broad investment in sectors including:

• Energy
• Infrastructure
• Real estate development
• Tourism
• Agriculture and services

Ramadan added that the Authority is working to simplify procedures and accompany investors from the early stages of a project through to its implementation.

Raising Trade Volume

Head of the Federation of Syrian Chambers of Commerce Alaa al-Ali said the Syrian economic sector aims to raise bilateral trade from about $7 billion to $10 billion, describing this as a reflection of the significant potential in economic ties between the two sides.

Industrial Zones and Turkish Banks

Turkish Exporters Assembly head Mustafa Gultepe said discussions are underway to establish joint industrial zones in the border area between Syria and Turkey, along with efforts to open branches of Turkish banks in Syria. He also called for speeding up customs procedures and facilitating transit and partial shipment movement between the two countries.