The Union of Chambers and Commodity Exchanges of Turkey (TOBB) and the Federation of Saudi Chambers signed a memorandum of understanding aimed at making commercial and economic relations at the private sector level more systematic and sustainable.
The ceremony, held on Sunday evening at the TOBB building in Ankara, was attended by representatives of chambers of commerce from 20 Islamic countries. TOBB President Rifat Hisarcıklıoğlu and Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development and the Federation of Saudi Chambers, were present at the signing. Turkish Vice President Cevdet Yılmaz also attended the ceremony.
Content of the memorandum
Under the agreement, the parties will share experience on chamber accreditation systems, increase cooperation between sectoral councils and committees, establish joint sectoral platforms, and develop collaboration between think tanks.
Additionally, a joint Turkish-Saudi chambers forum will be established and its activities supported between TOBB and the Federation of Saudi Chambers.
Hisarcıklıoğlu: Turkey is a major production base
Speaking at the ceremony, TOBB President Hisarcıklıoğlu said Islamic countries have great potential for joint trade and investment in different sectors. Noting that Turkey is the largest industrial production base in the region between Italy and China, Hisarcıklıoğlu emphasized that the country is among the leading nations in industrial goods exports.
Hisarcıklıoğlu stated that Turkey exports $275 billion worth of goods annually, selling 12,600 different products to more than 200 countries, with 95 percent of these exports consisting of industrial products. He noted that when services exports are included, the total figure reaches $400 billion.
Pointing out that 60 percent of exports go to the European Union and the United States, Hisarcıklıoğlu said this reflects the quality and competitiveness of Turkish products.
Investment flow to Turkey
Hisarcıklıoğlu said Turkey has attracted over $290 billion in international investment over the past 20 years, with foreign direct investment inflows rising by 12 percent to $13 billion in 2025.
Emphasizing that these investments are not limited to production and trade but also cover technology and innovation, Hisarcıklıoğlu noted that more than 740 international companies currently operate in Turkey's technology zones.
Hisarcıklıoğlu stressed that combining the capital accumulation of Islamic countries with the production experience of the Turkish private sector could turn the Islamic world into a global economic power. To achieve this goal, he added that the role of the Islamic Chamber of Commerce and Development should be strengthened, trade and investment restrictions between countries should be removed, an environment supportive of entrepreneurship should be created, and structural reforms ensuring fair competition should be implemented.
