The Union of Mediterranean Confederations of Enterprises (BUSINESSMED) was established during the Second Euro-Mediterranean Private Sector Summit held in İstanbul in March 2002. A founding member of the Union, TÜSİAD has been an observing member since 2009. BUSINESSMED is formed by the industrial federations of the 11 Mediterranean countries (Algeria, Morocco, the Palestinian Autonomous Territories, Israel, Cyprus, Lebanon, Malta, Egypt, Syria, Jordan and Tunisia) that take part in the European-Mediterranean cooperation process. The federations of Turkey, Italy, France, Spain and Greece are observer members of BUSINESSMED and the Mauritanian Federation is an associate member.