UAE-Turkey economic relations undergoing new phase of growth

Abu Dhabi / Emirates Business

HE Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that economic relations between the UAE and the Republic of Turkey are undergoing a new phase of cooperation and growth. He noted that the past few months have seen the two governments advancing significantly in collaboratively achieving their common interests.
The Minister pointed out that trade between the UAE and Turkey is still at high levels despite the economic and political challenges faced by the region, with total non-oil trade reaching around USD 7.4 billion in 2015 – 15th globally for the UAE in terms of trade volume for last year – and the first half of 2016 seeing a total exchange of about US$4.2 billion. Turkey ranked 13th among exporting countries to the UAE, clearly indicating the possibility of entering in to a higher level of coordination and partnership.
HE explained that prospects for enhanced economic cooperation with Turkey are excellent in many vital sectors of mutual interest. He particularly referred to innovation for small and medium enterprises (SMEs), entrepreneurship, mutual investments in joint economic projects, renewable energy, manufacturing and civil aviation as important areas of exploration.
These were all discussed during a meeting held yesterday with Jean Dyzdar, Turkish Ambassador to the UAE, at the Ministry of Economy’s Headquarters in Abu Dhabi in the presence of HE Abdullah Al Saleh, Undersecretary for Foreign Trade and Industry.
During the meeting, H.E. Eng. Al Mansoori clarified the importance of preparing well for the resumption of the Joint Economic Committee meeting between the two countries. He noted that the significant impact of determining frameworks and mechanisms for cooperation in the areas that the two parties agreed to focus on in the coming period should be taken into close consideration.
The minister added that SMEs and fields related to innovation are of strategic interest for the UAE as part of its vision of building a competitive and sustainable knowledge-based economy, and that many opportunities for cooperation with Turkey in this vital sector are available. He further emphasized the significance of exploring opportunities for enhancing trade and investments between the two countries in new areas, most importantly the industrial and manufacturing sectors. He noted as well that Turkey is an important market for UAE products and exports, and is a crucial gateway to other global markets.
The minister added that the food and agricultural sectors are of great importance for the UAE as part of its strategy to enhance food security. He also underscored the need to discuss further cooperation in the field of clean and renewable energy.
Finally, HE noted the relevance of the civil aviation sector where both countries have exceptional capabilities in. He was optimistic of the possibility of advancing coordination to mutually benefit from the fields of travel and tourism.
For his part, Dyzdar expressed his country’s great interest in further strengthening existing relations with the UAE on various levels, particularly in the economic fields where the two countries share many common directions and interests.
Dyzdar added that the Turkish and Emirati governments are both eager to set a meeting for the Joint Economic Committee of the two countries soon, and hold forums to better link their respective business communities and consequently enhance bilateral trade and investment.