Union of Chambers and Commodity Exchanges of Turkey

At the ceremony, attended by Vice President Cevdet Yılmaz, the memorandum was signed by TOBB President Rifat Hisarcıklıoğlu and Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development and the FSC.

The agreement, which defines the scope and framework of institutional cooperation between the two organizations, aims to develop trade and economic relations between Türkiye and Saudi Arabia in a more systematic and sustainable manner within the private sector.

In his speech at the ceremony, Hisarcıklıoğlu stated that Türkiye could engage in trade and joint investments with Islamic countries across all sectors.

Emphasizing that Türkiye is an entrepreneurial nation that has established the largest industrial production capacity in the region between Italy and China and is the leading exporter of industrial goods, Hisarcıklıoğlu stated, “With 12,600 different products,95 percent of which are industrial goods, we export $275 billion annually to more than 200 countries. When service exports are included, this figure reaches $400 billion. Sixty percent of our exports go to the EU and the U.S. This demonstrates the quality of Turkish products, their price competitiveness, and their popularity among consumers. Our production capacity is extremely diverse. Türkiye ranks among the world’s leading countries in terms of the number of products it can produce competitively and the diversity of its markets,” he said.

- “Türkiye has attracted more than $290 billion in global investment over the past 20 years.”

Citing examples of Türkiye’s economic and commercial strength, Hisarcıklıoğlu said: “Türkiye’s business- and investor-friendly environment is increasingly attracting the interest of global investors. Looking back over the past 20 years, Türkiye has attracted more than $290 billion in global investment. In 2025, the amount of foreign direct investment flowing into Türkiye increased by 12 percent, reaching $13 billion.” These investments are not limited to manufacturing and trade alone. Türkiye is also a major hub for technology and innovation. More than 740 global companies are operating in Türkiye’s technology parks.”

Noting that many global investors view Türkiye as an attractive country for secure growth and future-oriented investments, Hisarcıklıoğlu said, “Türkiye also represents an opportunity for our brothers and sisters in Islamic countries. We must bring together the capital reserves of Islamic countries with the production expertise of the Turkish private sector. If we can harness this synergy, we can become one of the world’s leading powers. The most important mechanism for achieving this is the Islamic Chamber of Commerce and Development, chaired by Sheikh Abdullah Kamel. We must make greater use of this platform and bring it to the forefront on the global stage.”

- “We must advocate for the removal of barriers that restrict trade and investment.”

Hisarcıklıoğlu, emphasizing that trade restrictions should not be imposed among Islamic countries, stated: "We are also representatives of the real sector and entrepreneurs in our countries. We have the ability to influence public opinion and politics. We must lobby our governments to establish an entrepreneur-friendly environment in our countries, to encourage innovation and entrepreneurship, and to implement structural reforms that will increase productivity and create a level playing field. We must advocate for deeper trade integration among our countries and the removal of barriers that restrict trade and investment between us. We must seek ways to accelerate the integration and cooperation of the Islamic ummah, from North Africa to East Asia, and present these proposals to our governments. In this way, and by working together, we can bring prosperity and opportunity to millions of Muslims.”

- Vice President Yılmaz

Vice President Cevdet Yılmaz also noted that the global economy is facing multidimensional developments such as geopolitical tensions, rising protectionist tendencies, transformations in supply chains, and the acceleration of digitalization as well as new challenges including vulnerabilities in supply chains, difficulties in accessing finance, and the green transition.

In this context, Yılmaz emphasized that increasing trade opportunities and developing cooperation among member countries of the Organization of Islamic Cooperation (OIC) is of great importance, stating, “The Organization of Islamic Cooperation, with its 57 members, accounts for approximately one-fifth of the world’s population but represents only 10 to 11 percent of global merchandise trade. These figures also demonstrate that there is significant economic potential among OIC member states,” he said.

Yılmaz noted that this situation must change, stating, “We need to increase the share of Islamic countries in the global economy and trade. This will be achieved not only through individual efforts but also through joint initiatives. In this context, we need more production partnerships, greater cooperation in investments, logistics, connectivity, and integration,” he said.

- “We must strengthen our cooperation during this important transformation process.”

Noting that the world is undergoing a process of transformation, Yılmaz said, “In this environment, we see that the goal of producing at the lowest cost has been replaced by the goal of building a resilient economic structure. In the face of rising risks, we see that economic ties with neighboring regions and friendly countries and regions have come much more to the forefront. “It is precisely during this significant period of global transformation that we must strengthen our cooperation and turn this evolving environment to our advantage. This new environment presents opportunities as well as risks. We just need to analyze them carefully and capitalize on these opportunities through strong cooperation,” he said.

Vice President Yılmaz expressed his satisfaction with the Memorandum of Understanding on Cooperation signed between TOBB and FSC during the gala dinner, stating, “Türkiye and Saudi Arabia enjoy very positive relations in both the economic and political spheres. Whenever these two countries come together on an issue, they make a difference and achieve success. We have seen this on various occasions. Now, a new collaboration is taking shape. I would like to express our great delight at this development.”

- Memorandum of Understanding on Cooperation

A Memorandum of Understanding on Cooperation was signed between the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and the Federation of Saudi Chambers (FSC). At the signing ceremony, which took place in the presence of Vice President Cevdet Yılmaz, the agreement was signed by TOBB President M. Rifat Hisarcıklıoğlu and FSC President Abdullah Saleh Kamel. 

The agreement, which defines the scope and framework of institutional cooperation between the two organizations, aims to develop commercial and economic relations between Türkiye and Saudi Arabia in a more systematic and sustainable manner within the private sector.

- Areas of Cooperation

Under the Memorandum of Understanding, the parties will share experiences regarding chamber accreditation systems, cooperate between sectoral councils/committees, establish joint sectoral platforms, collaboration among think tanks (particularly TEPAV), and the establishment and support of the Türkiye-Saudi Arabia Joint Chamber Forum (TSCF) between TOBB and the FSC.

To ensure the implementation of these areas of cooperation, the parties will prepare a joint Action Plan that includes concrete activities, performance indicators, responsible institutions, and an implementation timeline, which will be updated as needed.

- Joint Chamber Forum (TSCF)

One of the most important elements of the Memorandum of Understanding is the Türkiye-Saudi Arabia Joint Chamber Forum (TSCF), which will be established between TOBB and the FSC.

In this context:

- The TSCF will serve as the implementing mechanism for the cooperation.

- A Türkiye-Saudi Arabia Business Forum will be held at least once a year.

- The TSCF Board of Directors will meet twice a year; one meeting will be held in Türkiye and the other in Saudi Arabia.

- The parties will consult with each other as much as possible and act in coordination before planning activities aimed at the business community.