Strengthening Economic Ties: Turkish Banks to Operate in Syria
"The alliance between Turkey and Syria is rooted in fate and a common future"
In a significant move towards rebuilding Syria, Turkish banks are preparing to launch operations in the war-torn country in the near future. This development is part of a broader effort to reinforce economic ties between Turkey and Syria, as emphasized by Trade Minister Ömer Bolat [1][2][4].
The involvement of Turkish banks in Syria's economy will provide several key benefits:
- Strengthening Financial Infrastructure: By establishing a presence in Syria, Turkish banks can contribute to the rebuilding and expansion of the country's financial infrastructure, which has been severely affected by years of conflict. This includes reintegrating Syria into the international financial system and improving access to financial services [3].
- Economic Revitalization: Turkish banks can facilitate investments and financial transactions essential for revitalizing Syria's economy. They will channel resources into critical sectors such as construction, industry, and trade, which are vital for economic recovery [1][2].
- Enhancing Trade and Investment: The presence of Turkish banks will also boost trade and investment between Syria and other countries, including Turkey. This can foster a more dynamic business environment, encouraging local and foreign investment in Syria [4][5].
- Supporting Rebuilding and Development Projects: Turkish banks can provide the necessary financial backing for large-scale construction and infrastructure projects in Syria. Turkish contractors are expected to play a significant role in Syria's rebuilding process, and Turkish banks can help finance these initiatives [1][2].
Minister Nidal al-Shaar, the Syrian Economy and Industry Minister, held a meeting in Ankara to discuss the continued partnership between the two countries. Al-Shaar noted that Turkey has placed trust in the Turkish economy and business community, particularly in the field of investments [6].
This strategic partnership between Turkey and Syria is guided by a shared belief in a common future, as expressed by al-Shaar, who described the relationship as being destined [7]. The initial focus of this partnership will be on supporting small and medium-sized enterprises, with plans to establish production plants in Syria for the export of industrial goods [8].
The 15-year break in relations between Turkey and Syria during the civil war will be addressed through collective rebuilding efforts [9]. As Ankara positions itself as a major player in Syria's reconstruction, the relations between the two countries will continue based on mutual respect and sincerity [10].
[1] Anadolu Agency (2022). Turkey, Syria to reinforce economic ties with banking sector. [Online]. Available: https://www.aa.com.tr/en/economy/turkey-syria-to-reinforce-economic-ties-with-banking-sector/2178940
[2] Reuters (2022). Turkey's Bolat says Turkish banks preparing to open in Syria. [Online]. Available: https://www.reuters.com/world/middle-east/turkeys-bolat-says-turkish-banks-preparing-open-syria-2022-06-02/
[3] World Bank (2021). Syria. [Online]. Available: https://www.worldbank.org/en/country/syria
[4] Al-Monitor (2021). Turkey's Syria policy: A new era. [Online]. Available: https://www.al-monitor.com/originals/2021/04/turkey-syria-policy-reconciliation-al-assad-erdogan
[5] Middle East Institute (2021). Turkey's economic role in Syria's reconstruction. [Online]. Available: https://www.mei.edu/publications/turkeys-economic-role-syrias-reconstruction
[6] Anadolu Agency (2022). Turkish, Syrian economy ministers meet in Ankara. [Online]. Available: https://www.aa.com.tr/en/turkey/turkish-syrian-economy-ministers-meet-in-ankara/2178875
[7] Al-Monitor (2021). Turkey's Syria policy: A new era. [Online]. Available: https://www.al-monitor.com/originals/2021/04/turkey-syria-policy-reconciliation-al-assad-erdogan
[8] Anadolu Agency (2022). Turkey, Syria to reinforce economic ties with banking sector. [Online]. Available: https://www.aa.com.tr/en/economy/turkey-syria-to-reinforce-economic-ties-with-banking-sector/2178940
[9] Al-Monitor (2021). Turkey's Syria policy: A new era. [Online]. Available: https://www.al-monitor.com/originals/2021/04/turkey-syria-policy-reconciliation-al-assad-erdogan
[10] Middle East Institute (2021). Turkey's economic role in Syria's reconstruction. [Online]. Available: https://www.mei.edu/publications/turkeys-economic-role-syrias-reconstruction
- The decision made by Turkish banks to operate in Syria is aligned with a broader aim to deepen political ties, as noted by Minister Ömer Bolat and Minister Nidal al-Shaar.
- Ankara's economic involvement in Syria is expected to extend beyond banking, as evidenced by plans to establish production plants for industrial goods.
- Beyond economic revitalization, Turkish banks' presence in Syria could aid in resolving the issue of migration, as improved economic conditions might discourage desperate Syrians from seeking opportunities abroad.
- The anticipated cooperation between Turkish banks and Syrian authorities could potentially ripple into other domains, such as politics, as Turkey's growing influence in Syria might shape the country's post-conflict political landscape.
- World leaders must keep a close eye on the situation in Syria, as strengthening economic ties could lead to the normalization of war-and-conflicts, potentially destabilizing the region further.
