Turkish business community eager to tap Syria's economic potential

ANKARA — Turkiye's business community, in collaboration with government institutions, has launched initiatives to aid Syria's recovery, focusing on rebuilding the war-torn country's devastated economic structure.

Earlier last week, government officials and business leaders convened in the Turkish capital Ankara to discuss actionable plans for Syria's reconstruction and economic development.

"We aim to reestablish trade routes with Syria and empower Syrian businesses to realize their potential," said Mustafa Uyar, a businessman from Gaziantep, a city near the border with Syria.

Gaziantep, home to hundreds of thousands of Syrian refugees, has been a historical gateway for commerce between the two nations. "We've already initiated contact with Syrian counterparts and have begun limited exports," Uyar told Xinhua News Agency.

Recent trade figures reflected this renewed momentum. According to data from the Turkiye Exporters Assembly, Turkish exports to Syria grew by nearly 20 percent year-on-year in December, surpassing $150 million. This brought Turkiye's total export volume to Syria for 2024 to over $1.5 billion.

Syria has been grappling with severe economic and infrastructural challenges after over 13 years of civil war. Following the fall of former Syrian president Bashar al-Assad's government on Dec 8, Ankara has voiced its support for Syria's new leadership, with the reopening of the Turkish embassy in Damascus and high-level visits to the Syrian capital in the past weeks.

Multiple Turkish ministries have also unveiled plans to help repair roads, airports, and energy and electricity infrastructure in Syria.

Bilgehan Engin, head of the Association of International Transport and Logistics Service Providers, identified Syria as a market with significant untapped trade potential.

"The cessation of Syria's civil conflict presents significant opportunities for Turkish industries, particularly in the logistics and infrastructure sectors," Engin told Xinhua.

Ibrahim Fuat Ozcorekci, chairman of the Turkiye-Syria Business Council at the Foreign Economic Relations Board, highlighted the enthusiasm of Turkish businesses to invest in Syria.

"My phone hasn't stopped ringing. Everyone wants to know when and how to begin operations in Syria," he told local Hurriyet Daily News last week.

Syrian entrepreneurs operating in Turkiye also played a crucial role in boosting the revival of bilateral trade, experts underscored.

"There are approximately 35,000 Syrian-owned or partnered companies in Turkiye," noted Guven Sak, a researcher at the Ankara-based Economic Policy Research Foundation of Turkiye, in a recent article.

"These businesses are uniquely positioned to bridge trade between the two countries, given their knowledge and experience," Sak added.

Xinhua