Syria's Economy Minister Heads to Turkey for Significant Trade and Reconstruction Discussions
Minister Mohammad Nidal al-Shaar, Syria's Minister of Economy and Foreign Trade, visited Turkey from August 2 to 7, 2023. The visit aimed to reset economic ties and discuss cooperation in Syria's post-war reconstruction.
During the visit, Minister al-Shaar and Turkish Trade Minister Omer Bolat were expected to sign a landmark agreement establishing the Türkiye-Syria Joint Economic and Trade Committee (JETC). This committee will serve as a platform to guide bilateral economic collaboration across sectors, aiming to deepen integration and facilitate Syria's economic recovery and re-engagement with regional markets.
The JETC will institutionalize and coordinate economic collaboration, focusing on trade, investment, infrastructure, and customs. The agreement is expected to significantly impact Syria’s post-war reconstruction by facilitating coordinated investment, industrial cooperation, and trade normalization.
The visit also included discussions on bilateral trade enhancement, customs integration, and investment opportunities. Alternative financing models to support rebuilding efforts in Syria were explored. A Roundtable Meeting at the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) with business representatives from Syrian cities like Damascus, Aleppo, Latakia, and Hama was held to outline cooperation visions.
The private sector roundtable in Istanbul, organised by the Foreign Economic Relations Board (DEIK), focused on Syria's reconstruction, sectoral engagement, and alternative financing options. The visit also included the signing of the Founding Protocol of the Türkiye-Syria Business Council under DEIK, aiming to enhance coordination between business groups and strengthen bilateral project development.
Minister al-Shaar also met with Türkiye's Minister of Industry and Technology, Mehmet Fatih Kacir, to examine industrial clustering models and Türkiye's manufacturing infrastructure. The delegation visited the MEXT Technology Center Digital Factory and Gebze Organized Industrial Zone, with a focus on R&D, automation, and Türkiye's digital industry expertise.
Bilateral trade between Türkiye and Syria reached $2.6 billion in 2023. The visit signalled a new phase in Türkiye-Syria relations, focusing on "win-win" economic cooperation, institutional dialogue, and long-term regional development. This cooperation complements other regional efforts, such as growing Gulf investments, to restore Syria’s economy.
In conclusion, the visit of Minister al-Shaar to Turkey marked a historic step toward institutionalizing the bilateral economic relationship. The agreements and new committee aim to deepen economic integration, support rebuilding infrastructure, and mobilize resources needed for Syria’s recovery, which has been severely hampered by the long conflict. This cooperation signals positive momentum despite ongoing challenges on the ground.
- Minister al-Shaar, Syria's Minister of Economy and Foreign Trade, met with Turkey's Minister of Industry and Technology, Mehmet Fatih Kacir, to discuss industrial clustering models and Turkey's manufacturing infrastructure.
- The Tuṛkiye-Syria Joint Economic and Trade Committee (JETC) is expected to significantly impact Syria’s post-war reconstruction by facilitating coordinated investment, industrial cooperation, and trade normalization.
- During the visit, Minister al-Shaar and Turkish Trade Minister Omer Bolat were expected to sign a landmark agreement establishing the Tuṛkiye-Syria Joint Economic and Trade Committee.
- A Roundtable Meeting at the Union of Chambers and Commodity Exchanges of Tuṛkiye (TOBB) with business representatives from Syrian cities like Damascus, Aleppo, Latakia, and Hama was held to outline cooperation visions.
