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Turkish newspaper Turkiyegazetesi cited Abdul Ghafoor Saleh Asfor, chairman of the Arab Association of Businessmen and Industrialists (ASYAD), as saying that Syrian businessmen’s investments in Turkey exceed $10 billion.
Asfor added in a report in a Turkish newspaper: Syrian businessmen, working alone or in cooperation with Turks, provide 450 to 500,000 jobs in Turkey, and in the city of Gaziantep alone, there are 3,000 Syrian entrepreneurs registered with the Chamber of Commerce, 101 companies registered in the sector, and 1,445 companies registered with the Southeast Anatolian Exporters Association.
Pointing out the role of Syrian businessmen in stimulating Turkey’s exports, the chairman of the Arab Merchants and Industrialists Association said that “businessmen from Aleppo maintain relations with European and Asian countries, especially Arab countries,” estimating their exports to exceed $500 million USD.
Media reports state that Syrians living in Turkey have succeeded in achieving rapid and significant economic integration as they have effectively contributed to strengthening various economic and business sectors. Syrian investors have played an important role, establishing several companies and business projects, contributing to the creation of new jobs and moving the Turkish economy forward.
In addition, Syrian workers are an important part of Turkey’s workforce, helping to meet the needs of the local market and increase productivity in several sectors. Mahmoud Al-Khairi, owner of a food store in the capital Ankara He noted that many Syrians now prefer to open their own projects rather than work for Turkish companies, explaining that “working for companies is often low-paid and uninsured, which exposes workers to legal problems and forces them to work in multiple locations” to meet their needs.
When asked about the impact of recent activities targeting Syrians, Khairy expressed his deep concern and explained that these activities have made Syrian businessmen and investors consider other options, such as going outside Turkey if there is an opportunity, because they feel unstable. According to a report published on the Al Jazeera website, he said, “The current challenges make us feel insecure and unstable, and we are seriously considering options abroad.”
Syrian investments support the Turkish economy.
According to official reports, Syrian investments in Turkey are mainly concentrated in small and medium-sized enterprises, such as restaurants, shops and the service industry, and these investments range from $100,000 to companies with capitalization of more than $1 million, as well as holding companies with capitalization ranging from $100,000 to several million dollars.
Estimates of the size of these investments vary widely, with statements from Gaziantep investors suggesting between $1 billion and $5 billion, while some estimate Syrian investments in Turkey to be in excess of $10 billion.
According to the Gaziantep Chamber of Commerce, the number of licensed Syrian businesses reached about 3,200 as of March 2023; Syrians make up 10% of its members. Syrians continue to invest in Turkey, with the number of official companies owned by Syrians increasing from 4,000 companies in 2016 to 6,000 companies in 2017, while the number of informal and formal businesses at that time ranged from 10,000 to 20,000 companies.
A study by economic researcher Omar Karabassan showed that between 2011 and 2016, about $10 billion in Syrian funds were transferred to Turkey.
According to 2023 data from the Turkish Federation of Chambers of Commerce and Commodity Exchanges, Syrians have funded the establishment of 10,332 companies with a capital of approximately $632 million since 2010, of which Syrians account for 80%.
Estimates of the size of investments in Syria still vary, but the $10 billion figure seems close to reality, as these investments contributed about 27.2 billion Turkish liras to economic growth, or 1.96% of Turkey’s GDP, by the end of 2017, and are expected to grow to 4.05% by 2028, according to a report by the Istanbul Chamber of Commerce.
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