Turkish companies keep close eye on developments in Syria

ISTANBUL

People walk past shops in the al-Hamidiya market in the old city of Syria's capital Damascus on Dec. 12, 2024

Turkish companies are closely monitoring developments following the fall of the Bashar al-Assad regime to assess the policies the new Syrian government will adopt to revive the country’s devastated economy.

The retail and textile are among the industries which could make a significant contribution to the reconstruction of Syria, especially in employment and production, according to the representatives of the sectors.

“There are great opportunities in Syria for Türkiye,” Ahmet Öksüz, chair of the Istanbul Textile and Raw Materials Exporters’ Association (İTHİB), told state-run Anadolu Agency.

Syrian refugees were working in a wide range of areas in Türkiye, Öksüz noted.

“Now that they are returning to their country, it will actually be in our best interest to establish some production facilities there,” he said.

Öksüz noted that some Turkish companies shifted production to Egypt in recent years, but textile firms may now focus on Syria.

“Syria is also logistically very advantageous due to its proximity to Türkiye. If we can start production in labor-intensive sectors there, in the regions close to our country, Türkiye will turn this into an advantage,” he argued.

Öksüz also noted that the labor shortage in Türkiye will only grow in the period ahead, and costs will increase.

Turkish retailers can establish a presence in Syria following normalization, said Sinan Öncel, president of the United Brands Association (BMD), noting that this process would take time.

Despite challenges, Turkish companies can take part in the reconstruction of Syria, said Rifat Hisarcıkloğlu, president of the the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).

“Turkish business people are doing successful work in the most dangerous places of the world. For example Afghanistan, Iraq,” he added.