The Union of Chambers and Commodity Exchanges of Turkiye (TOBB) and the Federation of Saudi Chambers signed a memorandum of understanding to make commercial and economic relations at the private sector level more systematic and sustainable.
The signing, attended by representatives from the chambers of commerce of 20 Islamic countries, took place at a ceremony on Sunday evening at TOBB headquarters in Ankara. TOBB President Rifat Hisarcıklıoğlu and the President of the Islamic Chamber of Commerce and Development and the Federation of Saudi Chambers, Abdullah Saleh Kamel, were present. 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 cooperation 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: Turkiye is a major production base
Speaking at the ceremony, TOBB President Hisarcıklıoğlu said Islamic countries have great potential for joint trade and investment across different sectors. Noting that Turkiye 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 Turkiye achieves annual goods exports of $275 billion, selling 12,600 different products to over 200 countries, with industrial products constituting 95% of this export volume. He noted that including services exports, the total figure reaches $400 billion.
Pointing out that 60% of exports go to the European Union and the United States, Hisarcıklıoğlu said this reflects the quality and competitiveness of Turkish products.
Investment flow into Turkiye
Hisarcıklıoğlu said Turkiye has attracted over $290 billion in international investment over the last 20 years, with direct foreign investment inflows rising by 12% to $13 billion in 2025.
Emphasizing that these investments are not limited to production and trade but also cover technology and innovation, Hisarcıklıoğlu highlighted that more than 740 international companies are currently operating in Turkiye's technology zones.
Hisarcıklıoğlu stressed that combining the capital accumulations 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, the role of the Islamic Chamber of Commerce and Development must be strengthened, trade and investment restrictions between countries removed, an environment supporting entrepreneurship created, and structural reforms ensuring fair competition implemented.
