Turkish-Arab business chamber established

ISTANBUL

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) established a Turkish-Arab Chamber through a deal with the Union of Arab Chambers (UAC) on Nov. 24, in a bid to further boost economic and trade ties with the region.

The TOBB inked the deal with the UAC, which has a total of 22 members representing an economy worth $2.7 trillion in total, at a ceremony in Istanbul.

“Turkey makes only 8 percent of its total trade with Arab countries. Our share in their total trade volume is just 1 percent. So there is a huge fertile ground for us to boost our economic and trade ties. In a bid to realize this potential, we have now been launching the Turkish-Arabic Chamber,” said TOBB President Rifat Hisarcıklıoğlu in his speech at the ceremony, according to a follow-up press release. 

Hisarcıklıoğlu praised the sharp increase in economic ties between Turkey and Arab countries over the past 15 years. 

The number of Arab tourists visiting Turkey every year is currently at 3 million, a nine-fold increase compared to 15 years ago, he also noted, adding that Turkish businesses’ investments in the Arab world saw a 36-fold rise and Arab companies’ investments in Turkey saw a 23-fold increase.

The new organization will reportedly include 22 UAC representatives and 22 TOBB representatives. 

Since its establishment in 1951, the UAC, which represents a 390 million in population and $2.8 trillion economy, has been headquartered in Beirut. Its members include the chambers and unions of 22 Arab countries, which in turn represent and organize all private sectors in their countries, according to the organization website.