Syrian-Turkish Banking Forum Kicks Off in Damascus May 03, 2009 Damascus, (SANA) – The Syrian-Turkish Banking Forum kicked off on Sunday under the title "For Better Cooperation" organized by the Bank and Investor Group with the cooperation of the Central Bank of Turkey and the Turkish Banks Association and the participation of officials, representatives of the private banking sectors, and banking experts from both countries. Governor of the Central Bank of Syria Dr. Adib Mayalleh affirmed that the Forum aims at bolstering cooperation and exchange expertise between Syria and Turkey, noting that relations between the two sides are based on official and public bases and that the two countries' governments are showing special care for developing these relations. He described Syrian-Turkish relations as distinguished, underlining the need for pushing these relations forward by bolstering financial and banking cooperation to support trade exchange and increase the growth of investments, adding that financial and banking reforms in Syria established a solid and diverse banking sector. Mayalleh pointed out that the effect of the global financial crisis on Syrian banks was limited and barely noticeable, underlining the high amount of liquid cash that shows the strength of the Syrian banking sector and noting that this sector was unaffected by the crisis due to the steps taken by the Central Bank of Syria. He concluded his speech by stressing that Syrian-Turkish relations have become more distinguished after the Free Trade Zone agreement, adding that in 2008 a memo was signed for combating the financing of terrorism and money-laundering, and that several agreements will be signed soon for banking training and establishing joint Syrian-Turkish banks. For his part, Governor of the Central Bank of Turkey Durmuz Yelmaz underlined the strength of Syrian-Turkish relations and the need to bolster them in various fields, particularly banking and financial fields. He also pointed out to the need for cooperation among countries to confront the effects of the global financial crisis and the importance of central banks and traditional methods in overcoming the effects of the crisis, noting that central banks must gain the trust of clients by achieving the promises and goals they were established for and working on policies to overcome various crises. In turn, Director General of the Bank and Investment Group Nahla al-Namli said the Forum is a natural reflection of the development in Syrian-Turksih relations, noting that the agreements signed between the two countries have contributed to increasing trade exchange, which currently amount to around USD 1.5 billion, in addition to increasing Turkish investments in Syria to the point that Turkey ranks first among foreign countries investing in Syria. For his part, Executive Director of Qatar International Islamic Bank Abdul-Baset al-Shaibi underlined the state of prosperity and advancement in the Syrian investment environment due to the steps taken by the government. He said the Forum embodies the idea that the regional climate can produce growth and prosperity with good and honest intents for cooperation. Director of the Banks Supervision Committee in Lebanon Walid Alameddin pointed out to the considerable development in recent years in Syrian-Lebanese and Turksih-Lebanese relations, noting the fast growth of Syrian-Lebanese joint banks with 8 banks with 53 branches and assets of approximately USD 5 billion. Alameddin said banking cooperation between the three countries provide its success, which calls for more calculated investments that will lead to more growth and financial stability. H.Sabbagh/ Mazen