Syria Today | Syria and Turkey strengthen economic relations

Syria and Turkey strengthen economic relations

Syrian Prime Minister Mohammad Naji Otri and his Turkish counterpart Recep Tayyip Erdogan opened the first Syrian-Turkish Economic Forum in Damascus on April 26.

The two-day forum hosted more than 700 Syrian, Turkish and foreign businessmen. The meetings looked at ways of boosting Syrian-Turkish economic ties, increasing trade exchange and investment opportunities in Syria. Otri and Erdogan also opened an exhibition that was held alongside the forum and included Syrian and Turkish products.

Otri said the forum would have positive impacts on the growing Syrian-Turkish cooperation with its recommendations and ideas. The prime minister called on all businesses and businessmen in the two countries to consider means for developing cooperation. Otri said foreign investments in Syria between 1991 and 2007 amount to SYP 340bn, of which 6 percent is Turkish.

Turkish Premier Erdogan said the two governments would continue to develop relations and that the Turkish government was very keen on improving its relations with Syria.

Over the past few years, Syrian-Turkish business relations improved dramatically especially after the free-trade agreement was brought into effect at the start of 2007. Currently, the volume of trade between the two neighbours stands at USD 1.1bn. Both sides have said they want to boost this figure to USD 2bn by the end of this year, and to USD 500bn within a period of five years.

“We are ready to support Syria’s economy and Turkish businessmen are by all means willing to invest in Syria,” Erdogan said. “I am sure that we will succeed in developing economic relations. Our cooperation has already increased trade exchange to more than USD 1.2bn.”