Turkey's Ziraat Bankasi expected to establish bank in Syria soon

Head of the Syrian-Turkish Businessmen Council said that he expected Turkey's Ziraat Bankasi to establish a bank in Syria with Syrian partners.

Turkey's Ziraat Bankasi expected to establish bank in Syria soon

Head of the Syrian-Turkish Businessmen Council, Abdul-Kadder Sabra, said on Thursday that he expected Turkey's Ziraat Bankasi to establish a bank in Syria with Syrian partners in six months.

Speaking at Syria-Turkey Business Council meeting organized by Foreign Economic Relations Board (DEIK), Sabra said they had a meeting with director general of Ziraat Bankasi on Wednesday.

Sabra said director general of the Turkish Ziraat Bankasi also expressed readiness to establish the bank.

"Every kind of economic activity depends on economic feasibility. There was not a private bank in Syria in the past 40 years. Syrian economy is eager for high level banking services. A law was enacted in 2003 regarding establishment of private banks. The law was amended at the beginning of this year and share with foreign partners in a joint bank venture has risen to 60 percent," he added.

Sabra said trade volume between Turkey and Syria amounted to 2 billion USD, indicating that they targeted to increase this to 5 billion USD within 2-3 years.
The Syrian executive said he believed Turkish banks would establish banks in the next two years, underlining that profit potential was high in Syria.

Underlining that Syria had 50 billion USD investment plan, Sabra said private sector would meet half of this figure.

Expressing readiness of the Syrian businessmen for partnership, Sabra said the companies could assume investments in all sectors.

Turkish-Syrian Business Council Chairperson Ruhsar Pekcan said trade volume with Syria has risen to 1.7 billion USD since 2002, adding that "visa requirements have been lifted, 51 agreements were signed and all impediments were removed. Syria is going through a reform process. Foreigners may own 60 percent of the banks in Syria."

Pekcan said the developments in Syria constituted opportunities for Turkish businessmen.

Chairman of the Syrian Chambers of Industry Union, Emad Ghraiwati, said Sultan II Abdulhamid had ordered establishment of Sultan Bank 120 years ago. "Why shouldn't we establish a joint bank today? Syria needs big investments," he said.
Syrian businesswoman Yasmina Azhari, owner of Maersk Line Maritime Enterprises, said they asked to purchase equipment from Turkey to produce yoghurt and baby food.

She also expressed willingness to establish cooperation with leather and ready-wear trade marks. 
 

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Last Mod: 18 Şubat 2010, 18:53
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