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Reuters
a day ago
- General
- Reuters
Turkey's Erdogan, Syria's Sharaa hold talks in Istanbul
Turkish President Tayyip Erdogan was holding talks with Syrian President Ahmed al-Sharaa in Istanbul on Saturday (May 24), news channel CNN Turk and state media said, broadcasting video of the two leaders greeting each other. Ciara Lee reports.
Bloomberg
2 days ago
- Business
- Bloomberg
Erdogan Backs Turkey Economy Plan But Repeats Distaste for Rates
Turkish President Recep Tayyip Erdogan reiterated his opposition to interest rates while endorsing the country's orthodox economic program, which relies on high borrowing costs to curb inflation. 'I've fought against an interest-based economic system,' Erdogan said at an event on Islamic banking, which prohibits charging interest and endorses profit-sharing. He added that he would continue to express his 'longing' for an interest-free economy.
Al Arabiya
3 days ago
- Business
- Al Arabiya
Turkey's Erdogan repeats opposition to interest rates, but says economic plan to continue
Turkish President Recep Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic program until all of its goals are achieved. Turkey had launched the program to reverse the effects of Erdogan's unorthodox views that interest rates cause inflation. Under the program, the central bank had tightened its policy to contain rampant inflation and a currency crisis caused by the president's perceived influence over monetary policy. Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan, a self-proclaimed 'enemy' of interest rates, said work must be done to change and find alternatives to what he called an interest rates-based economic system, and added such a system cannot be viewed as legitimate. 'I have always opposed the distorted system that deepens inequalities, disrupts income justice, and turns billions of people into the slaves of a handful of capitalists. I oppose it again. I have often said that, no matter what, we cannot view as legitimate interest rates and an economic system based on interest rates,' Erdogan said. 'I will continue to voice my longing for an interest rate-free economy from now on too. We will not turn back from our battle for the economic order based on interest rates to change,' he added. However, the president also vowed to continue implementing the economic agenda drafted by his finance minister, Mehmet Simsek, in order to chart a path of disinflation after consumer prices in Turkey soared. 'We are determined to implement our economic program, with which we have made noteworthy progress over the past two years, until it reaches its goals,' he said, and added that the end goal was to achieve single-digit inflation.
Zawya
3 days ago
- Business
- Zawya
Turkish firms see promise and peril in sanctions-free Syria
Turkish companies see big opportunities in neighbouring Syria as a lifting of U.S. sanctions clears the way for investment in post-war reconstruction, but they remain wary of challenges, from lingering insecurity to banking and tax headaches. President Donald Trump's decision to end long-standing restrictions that severed Syria from the global financial system under former President Bashar al-Assad is seen as a lifeline for a nation decimated by 13 years of war. Construction, transportation and manufacturing firms from Turkey - a close ally of Syria's new administration after backing anti-Assad rebels - are poised to play a major role in repairing the damage, which the U.N. estimates at nearly $1 trillion. "The lifting of sanctions was just an urban legend, rumours for a time. But with Trump's announcement, everything has suddenly changed," said Omer Hot, a director at Istanbul-based Formul Plastik. Syria's Finance Minister Yisr Barnieh has called his country "a land of opportunities" and said the government plans to overhaul the tax, customs and banking systems to foster foreign investment and facilitate donor funding pledges. Interviews with officials from two dozen Turkish companies reflect both optimism over the potential of a previously sealed off market with vast needs and caution over rushing investments in a country where even money transfers can be difficult and banknotes scarce. Formul Plastik has received the first plastics orders from Syria, Hot told Reuters. He estimated that Turkish companies could end up with a quarter of Syria's reconstruction pie. But he is already facing hurdles. "Rather than banks, there are brokers such as exchange bureaus that mediate trade payments. This model will have to be used for now," Hot said. Other Turkish companies at the Buildex construction materials expo in Syria's capital Damascus this week said demand from Syrian counterparts was very high, even as they listed worries over tax rates, customs snarls and creaking transport infrastructure. "We are taking a calculated risk, let's say," said Burak Serim, regional export manager at construction materials producer Entegre Harc. SECURITY AND INVESTMENT In the wake of Assad's December ouster and the establishment of a government under new President Ahmed al-Sharaa, Turkey is already feeling economic benefits. Ankara has pledged to help rebuild Syria's economy, including by providing natural gas. And Ziraat, Turkey's top state bank, told Reuters it would step in to support its banking sector when conditions are right. Turkish firms Kalyon GES Enerji Yatirimlari and Cengiz Enerji are set to expand Syria's power grid under a new deal. Syria's trade with the rest of the world all but dried up during the war. But Turkish exports to its neighbour were up 37% year on year in the first four months of 2025, official data show. In an indication of its gaping needs for construction materials, Syrian imports of Turkish machinery more than tripled and non-ferrous metals doubled. Glass and ceramics were up 73%. Pledges of financing have, meanwhile, come in from wealthy Western nations, multilateral donors, and the likes of Saudi Arabia and Qatar. But for the most part, those are still largely promises. And Turkish company managers voiced concern there may not be enough for all the roads, bridges, dams and power plants that must be rebuilt. Syria's economy shrank dramatically during the war years. And with over 90% of its 25 million people now living below the poverty line, according to U.N. agencies, the government has scant resources. Volkan Bozay, chief executive of the Turkish Cement Manufacturers' Association, told Reuters that much hinges on which lenders finance the reconstruction projects but added that Turkish companies would play a major role no matter what. "It is out of the question that we will not take advantage of the opportunities," he said. Beyond construction, Turkish manufacturers are also eyeing Syria as a possible hub for low-cost production. "Lower production costs in Syria are an advantage," said Ahmet Oksuz, a board member at Turkish textile manufacturer Kipas. "But Turkish and Syrian authorities should coordinate to establish organised industrial zones that will ensure entirely safe areas for manufacturers," he added. Questions of security in a country still awash with arms where the new central government wields only tenuous control remain at the top of the list of concerns for many would-be investors. Hakan Bucak, former Turkish-Syrian business council board director, said Syria will likely need six months to ensure security and set up bureaucratic systems. "Security risks should be fully eliminated and investors need to feel it," said Bucak, who is already looking to open a quarry near the northern Syrian city of Aleppo. "If we feel safe, we have plans to invest."
Asharq Al-Awsat
4 days ago
- General
- Asharq Al-Awsat
Erdogan Says Kurdish SDF ‘Stalling' Despite Integration Deal with Damascus
Turkish President Recep Tayyip Erdogan said the Kurdish-dominated and US-backed Syrian Democratic Forces (SDF) were using "stalling tactics" despite an agreement with the new Syrian government for the group's integration into Syrian armed forces. Speaking to reporters on a flight from Azerbaijan, Erdogan repeated Türkiye's position that Syria's unity and territorial integrity must be preserved, saying the SDF-Damascus deal must be implemented in the agreed and planned timeline. "We had said before we welcomed the agreement. But we see that the Syrian Democratic Forces are still continuing their stalling tactics. They must stop this," he was cited as saying by his office on Thursday.
