The UAE-Turkey Business Forum – Abu Dhabi resulted in two cooperation agreements in the field of exports.
As well as important sectors such as construction, infrastructure, energy, and hospitality.
UAE-Turkey Business Forum was held in conjunction with the official visit of the Turkish President and his high-level delegation to the UAE.
The two sides discussed ways to enhance the bilateral relations between the two friendly countries.
In order to complete the next stage of partnership and shared economic growth.
In parallel with the preparations for the entry into force of the Comprehensive Economic Partnership Agreement between UAE & Turkey in early September.
This agreement will mark the beginning of a new era of constructive cooperation.
As well as creating more opportunities for the business communities in both countries.
Also it provides a platform for integration and partnership for the private sector.
Besides stimulating trade and investment flows between the two sides.
The forum witnessed the signing of two agreements to enhance cooperation and partnership between the business communities in the two countries.
The first agreement between the Department of Economic Development – Abu Dhabi and the Turkish Exporters’ Association.
It was signed by H H Rashid Abdulkarim Al Balushi, Director General of the Department of Economic Development – Abu Dhabi, and Mustafa Gulteip, Chairman of the Association.
The second agreement was between Alpha Dhabi of the UAE and Limak of Turkey.
It is signed by Engineer Hamad Salem Al Ameri, Managing Director and CEO of Alpha Dhabi, and Ebru Ozdemir, Chairman of Limak.
In fact this agreement aims to conclude a number of commercial partnerships between the two sides and establish joint projects in various fields.
For example: construction, development, infrastructure, energy, and hospitality in the two countries.
H.E. Dr. Thani Al Zeyoudi stressed that the UAE and Turkey have strong relations and a growing strategic partnership in all fields.
He said: “The Comprehensive Economic Partnership Agreement signed between the UAE and Turkey will enter into force in September next year.
It will contribute to the launch of a new era of economic integration, supported by strong trade and investment relations.
Based on the achievement of the common interests of the two friendly countries.
Moreover, the agreement will create more opportunities and possibilities for the business communities of the UAE and Turkey.
Also, it will open new paths for exporters of goods and services between the two countries and the surrounding regional markets.
And that will support the stimulation of trade and investment flows in the two countries.”
He added that the UAE-Turkey relations are currently experiencing their most prosperous phase, as confirmed by the latest data and figures.
In 2022, the non-oil trade between the two countries amounted to approximately $18 billion.
With a growth of 40% compared to 2021 and an increase of 112% compared to 2020.
Turkey has become the fastest-growing trading partner among the top 10 trading partners of the UAE in the world.
Since the total stock of investments exchanged between the two countries reached $20 billion.
He continued, “The UAE-Turkey Business Forum is an important platform to enhance the economic partnership.
Along with mutual investments between the UAE and Turkey in the fields and sectors of common interest.
Also, the forum supports the channels of communication.
As well as the building of new partnerships between the business communities in the two countries.”
On his part, Dr. Omar Bolat, Turkish Minister of Trade, stressed that the UAE is one of Turkey’s most important trading partners in the region and the Arab world.
Also there is a shared will to elevate these growing relations to broader levels.
In conjunction with the upcoming implementation of the Comprehensive Economic Partnership Agreement between the two countries.
This marks the beginning of a new era of growth and prosperity for the economic relations between the two countries.
He added: the UAE-Turkey Business Forum as part of the visit of President Recep Tayyip Erdoğan reflects the level of interest in developing economic relations.
Also, the forum is an ideal platform for establishing partnerships between the business communities and the private sector.
Moreover, he said: Turkey and the UAE share many common values that add depth to the bilateral relations.
Besides strengthening economic and trade ties.
As well as opening the way to accelerate growth and support sustainable development.
Certainly the forum showcased the most promising investment opportunities in a number of economic sectors in the UAE.
Including trade, technology, financial activities and insurance, transportation, logistics, real estate, manufacturing, and others.
In addition, Turkish companies were invited to benefit from the possibilities offered by the business and trade environment in the UAE.
Which include 100% foreign ownership of companies, flexible tax policies, and the facilitation of business establishment procedures.
The advantages of the Comprehensive Economic Partnership Agreement program are as below:
The products and goods of the UAE companies can reach a number of strategic markets with reduced duties or even without customs duties.
The UAE has concluded a number of agreements with countries with significant strategic importance on the international trade map.
It is worth noting that the UAE has achieved increasing growth in the reception of foreign direct investment.
Furthermore, the increase value is about 10%, approx. 23 billion dollars by the end of 2022.
During the forum sessions, the UAE side invited the Turkish business community to benefit from the “Next Generation of Foreign Direct Investment” initiative.
Since it provides a package of facilities.
As well as the requirements of the digital and technology companies that want to expand and invest in the UAE’s markets.
This includes flexible and rapid establishment procedures, rapid licensing, issuing visas, and facilitating banking operations, among other possibilities.
The forum was attended by the following gentlemen:
-H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology.
-H.E. Mohamed Hassan Al Suwaidi, Minister of Investment.
-Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
-Professor Omar Bolat, Minister of Trade of Turkey.
-Abdullah Mohammed Al Mazrouei, Chairman of the Federation of Chambers of Commerce and Industry in the UAE.
-Abdullah Al Hamed Al Hamli, Chairman of the UAE-Turkey Business Council.
-Nail Olpak, Chairman of the Turkish-Arab Economic and International Relations Council.
-Tufan Oz, Chairman of the Turkish side of the UAE-Turkey Business Council.
In addition to a large number of officials, business leaders, and representatives of companies from both countries.
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