Union of Chambers and Commodity Exchanges of Turkey

TAC Co-Chairman and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) President M. Rifat Hisarcıklıoğlu stated that there is huge potential for trade and investment in all fields between Turkey and Arab league countries, and that this is the main purpose of the establishment of TAC.

Stating that Antalya, the capital of tourism and agriculture, has achieved a world-wide success story in tourism, hosting 16 million foreign tourists annually, Hisarcıklıoğlu said, “It is the fourth most visited city in Europe and the tenth in the world. A world brand in yacht production. Turkey's leading manufacture & exporter city in fruits and vegetables, greenhouse and floriculture.”

The TOBB President said, “Today, you are here with the presidents of Turkey's most important commercial and industrial cities’ Chambers and Commodity Exchanges. Our presidents are also successful businessmen and investors. We also want you to meet with them and establish business relations. For this purpose, we have prepared the opportunities to hold bilateral talks.”

Noting a huge economic potential between the Arab world and Turkey, Hisarcıklıoğlu said, “The Arab league, with 400 million people and an annual production of 3 trillion USD and 2.7 trillion USD in foreign trade, is a major global economic power. Turkey's population is 80 million and has 800 billion USD gross domestic product; it is the region's largest, and the world’s 17th largest economy. We are among the world's leading manufacturers in the fields of construction, tourism, industry and agricultural production. Our annual exports reached 170 billion USD. 92% of our exports are industrial products. More than half of the goods we sell go to Europe and the US. This is the most concrete indication that we are competitive in price and quality of production in Turkey.”

Hisarcıklıoğlu emphasized that Turkey has no oil or mineral riches but boasts a great entrepreneurial spirit and that the way to prosper is to open the way for the business world.

The TOBB President reported that Turkish contractors have undertaken projects with a worth 19 billion USD in a year worldwide in 260 projects; Turkey holds second place in the world's largest 250 international contractors.

Hisarcıklıoğlu stated that there is huge potential for trade and investment in all fields between Turkey and Arab league countries, and that this is the main purpose of the establishment of TAC, “10 years ago the trade volume between Turkey and Arab League countries was 20 billion USD. Last year, this figure exceeded 50 billion USD. We have increased trade volume 2.5 times in 10 years. But there's still a long way to go. Only 12% of Turkey's total foreign trade is conducted with the Arab League and the Arab League conducts only 2% of its total trade with us. So we do not do enough business with each other.”

Pointing out that the situation is more striking in the area of investments, Hisarcıklıoğlu said, “The total public and private investment of Arab countries in the world is 2 trillion USD. Direct investments from Arab League countries into Turkey is only $ 10 billion, not even 1% of its total.”

Given the resources, population and potential we have, these figures are a drop of water in the ocean. It is time to make a new breakthrough. Trade is the way to increase wealth in our countries. We should especially increase our bilateral trade.”

Hisarcıklıoğlu emphasized that the European countries have grown and strengthened because of this, increasing their trade with each other. Hisarcıklıoğlu said that Turkish and Arab should ask their leaders to remove the obstacles to trade.

Referring to the importance of entrepreneurship, TOBB President stated that especially girls should be included in the business world and the number of entrepreneurs should be increased.

Mohammed Abdo Saeed, TAC Co-President and President of the Union of Arab Chambers, said that they would make efforts to strengthen relations with such meetings.

Saeed stressed that the Turkish economy is one of the most developed economies in the region and forms an economic pole.

Saeed he said that they should take the initiative for coordination and cooperation to create economic partnerships between Turkey and the Arab countries.

Stressing that a balanced trade should be made, Saeed said that they can achieve stability and continuous development in their countries.

Egyptian Chamber of Commerce Federation President Ebrahim Al Arabi said that they came together to realize not only bilateral cooperation but also tripartite cooperation.

Stating that they can open up to regional markets, Al Arabi stated that they should make efforts for this and that new ports and railways should connect countries.

Al Arabi stated that Turkish business world would create a common structure for Arab investors.