Sharjah 24 – WAM: The recent UAE-Türkiye Business Forum, held in Abu Dhabi, witnessed the unveiling of two major agreements aimed at catalysing investment across key sectors of both nations' economies.
The two announcements, designed to enhance cooperation between the business communities in the two countries, were announced during the Business Forum, which aims to increase economic partnership and drive investments between the two countries.
The Forum follows the historic signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations in March 2023, which is due to enter into force in September, and coincides with the visit of Turkish President Recep Tayyip Erdoğan to the UAE.
The Forum was attended by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Mohamed Hassan Alsuwaidi, UAE Minister of Investment.
The Forum witnessed a presentation of the most promising investment opportunities in the UAE across a variety of verticals and sectors, including trade, technology, financial activities, insurance, transport and logistics, real estate, and manufacturing. In addition, Turkish companies were invited to take advantage of the opportunities offered by the business and trade environment in the UAE.
The first agreement was signed between the Abu Dhabi Department of Economic Development (ADDED) and the Turkish Exporters Assembly (TIM), represented by Rashid Abdul Karim Al Balooshi, Undersecretary of the Abu Dhabi Department of Economic Development, and Mustafa Gültepe, Chairman of the Board of Directors of the Federation for TIM.
The second agreement was agreed between the UAE's Alpha Dhabi Holding and the Turkish group Limak Holding, represented by Hamad Salem Al Ameri, Managing Director and CEO of Alpha Abu Dhabi Holding, and Ebru Özdemir, Chairman of Limak Holding. This agreement aims to conclude a set of commercial partnerships between the two sides and establish joint ventures in various fields, such as construction and development, infrastructure, energy and hospitality.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, said that this was 'a golden era' for UAE-Türkiye relations, with the latest data showing that total non-oil trade between the two nations rose to US$18 billion in 2022, a growth of 40% over 2021 and an increase of 112% over 2020, making Türkiye the fastest growing of the UAE's top 10 trading partners. He added that the total balance of investments between the two countries had increased to $20 billion.
For his part, Prof. Ömer Bolat Turkish Minister of Trade, affirmed that the UAE is one of Türkiye's most important trading partners in the region and the Arab world. There is a common will to elevate these growing relations to broader levels in conjunction with the imminent implementation of the CEPA. The agreement aims to double the current value of intra-oil non-oil trade within the next five years by cancelling or reducing customs duties on most goods and products exchanged between the two sides.
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