ISTANBUL, Nov 24 (KUNA) -- President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Rifat Hisarciklioglu and representatives of the chambers of commerce and industry of 22 Arab countries signed here on Thursday the founding protocol of the Turkish-Arab Chamber.
The historic deal will be highly beneficial to both sides, Hisarciklioglu said during the signing ceremony.
The volume of Turkey's trade with the Arab countries represent only eight percent of the country's total volume while the Arab countries' trade with Turkey represent just one percent of their total volume, he pointed out.
Today's agreement will open new horizons for trade exchanges between the two sides, Hisarciklioglu said, voicing hope that the Turkish-Arab Chamber will play a great role in the commercial and investment cooperation.
He noted that both sides share the desire to promote the economic, investment and commercial relations in the coming period, citing the growth of the number of Arab tourists visiting Turkey to three million.
The Turkish direct investments in the Arab countries doubled 36 times in the last few years while the Arab investment in Turkey grew by 23 times, he went on.
Meanwhile, Chairman of the Union Arab Chambers of Commerce Na'el Al-Kabariti said the Turkish-Arab Chamber will take the economic cooperation to a new height.
The Arab and Turkish economies are highly complementary, he said, adding that the total volume of the 22 Arab economies amounts to USD 7.2 trillion. (end)
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