Turkish, Syrian Businessmen Estimate 2 Bln Usd Trade Volume In 2008

DAMASCUS - Trade volume between Turkey and Syria is expected to hit 2 billion USD at the end of 2008, a Syrian business leader said on Saturday.
The Free Trade Zone established by Turkey and Syria helped trade volume reach 1.2 billion USD last year, said Bahaa Aldin Hassan, chairman of the Syria-Turkey Businessmen Assembly.
Hassan said that the two countries have good relations and that Turkey has always stood by Syria.
"Turkey mediates between Syria and Israel. Fifth round of indirect talks will be held soon. This process had a great impact on economy," he said.
Hassan also said that Turkey and Syria should improve relations, and called on Turkish businessmen to cooperate with Syrian businessmen.
"Turkey has the experience, industry and technology. Turkish businessmen could take advantage of cheap labor and raw materials in Syria," he said.
Hassan said Turkish businessmen were complaining about bureaucracy and paper work in Syria and having difficulties since there were no Turkish banks in this country.
"We believe that Turks should open a bank in Syria. Most of the problems would disappear if there was a bank here," he said.
Foreign companies to set up a bank in Syria can own up to 49 percent stake of the bank under the Syrian laws.
"Turkish businessmen asked Syrian officials to amend banking system. We worked on it. The new arrangement will reduce 51 percent Syrian stake to 40 percent," Hassan said.
(TÇ-UK)
(ECO)