Sharjah 24 – WAM: President of Turkey, Recep Tayyip Erdogan, met with representatives of major Emirati companies in the presence of Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.
The meeting, which took place at the Emirates Palace, discussed the prospects for cooperation and joint investments between the UAE and Turkey, boosting their partnerships and increasing their commercial and investment relations, to support economic growth in the two countries.
At the start of the meeting, Sheikh Hamed welcomed President Erdogan and his delegation to the UAE. He noted that the bilateral ties between the two countries are rapidly growing, paving the way for widening partnerships between the two nations.
He was also confident that Erdogan’s visit to the UAE and the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Turkey in November 2021 would pave the way for a promising new era of bilateral cooperation, and mark the beginning of a comprehensive strategic partnership.
The trade value between the two nations has seen considerable growth, which is a clear indicator of the positive development in their economic partnership, he added. He highlighted the solid foundation of their commercial and investment relations and stressed that the meeting and its resulting partnership opportunities would drive further growth.
Sheikh Hamed presented the trade and investment exchange indicators between the UAE and Turkey. Their non-oil trade exchange totalled US$13.7 billion in 2021, a 54 percent increase compared to 2020 and an 86 percent growth on 2019. He also pointed out that Turkey is the seventh leading international trade partner of the UAE, accounting for 3 percent of the country’s foreign non-oil trade, while the UAE is one of Turkey’s top 12 global trade partners.
The UAE is among the top 15 investing countries in Turkey, with its investments amounting to $5 billion by the end of 2020, he further said. He explained that sovereign funds and Emirati companies invest in many vital sectors in Turkish markets while the value of Turkish investments in the UAE amounted to $310 million by the end of 2019.
He added that the mutual investment and trade exchanges between the two countries are expected to significantly pick up in the coming years, supported by their solid economic competitive environments and the available opportunities and comprehensive investment incentives in both countries. He stressed that the meeting between Erdogan and the representatives of major Emirati companies highlighted the keenness of the UAE’s leadership to boost cooperation and economic partnership.
Concluding, Sheikh Hamed highlighted the importance of the meeting to achieve the mutual objectives of the leadership of both countries to enhance their economic, commercial and investment relations.
President Erdogan affirmed that a new phase began in the relations between the UAE and Turkey after His Highness Sheikh Mohamed bin Zayed’s visit to Turkey in November 2021. He noted that the two countries have a strong will to develop their ties, most notably in commercial and investment areas.
The UAE is Turkey’s leading trading partner in the Gulf Cooperation Council (GCC) region, and Turkey aims to enhance the bilateral ties between the two countries, he noted.
President Erdogan affirmed that his country and the UAE share common interest in technology, an area, which, he said, represents a viable prospect for increased cooperation between the two nations..
"With a population 85 million, Turkey boasts a growing manufacturing, robust infrastructure and a privileged geographical location," the Turkish president added, noting that the COVID-19 pandemic has proven the resilience of the Turkish economy. He stressed that Turkey offers attractive incentives to foreign investors, including conducive legislation and business friendly environment.
The leadership of both countries aim to enhance their relations and reinforce their overall cooperation in trade, defence, tourism, energy and transport.
President Erdogan concluded by highlighting the willingness of relevant authorities in Turkey to provide Emirati investors with all required information about investments in Turkey, hoping his meeting with the representatives of Emirati companies would be a steppingstone for accelerating cooperation between the two sides.
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