11 Apr 2022
UAE and Turkey adopt practical mechanisms to strengthen economic partnership and enhance mutual flow of investments in the next phase
H.E. Al Zeyoudi: UAE-Turkey relations are witnessing significant growth in all fields, based on the principles of friendship, cooperation, and mutual respect
H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with a delegation from the Turkish Industry and Business Association (TÜSİAD) to discuss bilateral cooperation in the economic and trade areas of shared interest. The meeting explored frameworks for the strengthening of economic partnerships between the two countries' business communities and raising them to new levels that serve the sustainable development agendas of both countries.
H.E. Al Zeyoudi said: “The UAE-Turkey relations are experiencing significant growth in various areas of common interest, particularly after the visit of H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Turkey at the end of 2021, and the visit of President Recep Tayyip Erdoğan to the UAE last February. This exchange of visits by the leaderships resulted in the signing of nearly 72 agreements and Memorandum of Understandings between the two countries, ushering in a vital new phase in the history of mutual relations between the two countries, founded upon friendship, cooperation, and respect for each other’s interests, aimed at achieving progress and prosperity for their people.”
The Minister added: “The volume of non-oil trade between the UAE and Turkey amounted to nearly AED 50.4 billion in 2021 with 54% growth compared to 2020 and 86% growth over 2019. Turkey accounted for 3% of the UAE's non-oil foreign trade, while the UAE’s investments in Turkey exceeded AED 18.3 billion by the end of 2020. At the same time, Turkish investments in the UAE totaled AED 1.1 billion by the end of 2019.”
H.E. further noted that the trade figures inspire the two sides to encourage the flow of mutual investments as well as expand and diversify the existing economic partnerships. The areas of focus include tourism and hospitality, information and communication technology, renewable energy, food industries and modern agricultural techniques and food security, health care, and transport and logistics, which serve the transition to a more resilient and sustainable economy.
In addition, H.E. reviewed the UAE’s pioneering experience in developing a more flexible and sustainable economic model that boasts more openness to other global markets. He highlighted the most prominent strategic initiative launched by the UAE last year – the ‘Projects of the 50’ - to promote its internal and external growth and establish its position at the heart of global economy. H.E. also briefed the Turkish business community, represented by the TÜSİAD, on the new and integrated incentives offered by the UAE’s business environment thanks to the qualitative legislative developments in the country’s economic environment and investment policies. These include the granting of 100% free foreign ownership of projects and investments in all sectors, with the exception of a limited number of strategic impact activities. The adoption of these measures make the UAE an ideal destination for trade and investment activities of global partners, including those of Turkish companies. He also pointed out the UAE’s position as an active gateway for Turkish exports to access other promising markets in the region, Asia, and Africa.
TÜSİAD is a non-governmental organization founded in 1971 with an aim to drive the development of Turkish business sector. It comprises a large segment of the major national and foreign private sector enterprises, companies and trade, investment, financial, and banking entities operating in Turkey. The Association members represent 50% of the added value of the Turkish economy, accounting for 85% of the total Turkish foreign trade and 50% of the task forces in non-agricultural and non-governmental sectors in Turkey. The Association has economic and business partnerships with the European Union and has representative offices in many financial and business cities around the world.