Egyptian revolution met with joy, optimism in Turkish business world
The Turkish business world is hailing Egypt's moves towards true democracy, saying commercial ties between Turkey and Egypt could benefit. During the early days of protests against the government, even when $1.5 billion of Turkish investments were in short-term jeopardy, Rizanur Meral, head of the Turkish Confederation of Businessmen and Industrialists (TUSKON), expressed full solidarity with the Egyptian people. TUSKON members account for almost 70 percent of large industrial investments in Egypt. The first welcoming statement of Egypt's post-autocratic era came from another leading business association, the Independent Industrialists’ and Businessmen's Association (MUSIAD). Its president, Omer Cihad Vardan, issued a statement on Saturday calling the ouster of former President Hosni Mubarak "a development highly important not only for Arab countries but also for all countries around the world." He added, "The popular unrest that began in Tunisia and spread to Egypt is a clear sign that regimes which fail to work for their people's welfare, and which do not take their mandate directly from them, cannot long endure." Vardan also pointed to the positive economic impact, saying, "Today, the economic and social improvements in this region, where we have recently started to develop our commercial ties … will also have a positive impact on our country and our business world. We should also stress here that our country can share its valuable experience with this region, given its development level, stability, democracy, and our cultural and historical proximity to it."