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UAE-Turkey Joint Economic Committee renews Business Council Agreement

November 24, 2021
finance & economy

DUBAI, 23rd November, 2021 (WAM) -- Abdullah bin Touq Al Marri, Minister of Economy, said the United Arab Emirates has developed positive partnerships with all world countries, specially in areas of economy and development as part of a well thought-out strategy to underpin its economic position and achieve the objectives of the UAE Centennial 2071 Plan.

The Minister made the statements at his meeting with the Turkish Minister of Trade Mehmet Muş, on the sidelines of the 10th edition of the UAE-Turkish Joint Economic Committee which started in Dubai today.

'The UAE-Turkish economic ties are growing steadily and the two countries are in a position to forge new partnerships and cooperative mechanisms across various trade and investment domains,' Al Marri said.

He noted the UAE's keenness to extend channels of dialogue with all partners, adding that the UAE and Turkey enjoy integrated partnerships in the economic, trade and investment fields.

'Today, we are launching a fresh phase of sustainable economic partnership between the two nations which will cover all aspects of economic cooperation,' he said, adding that the two nations will build, over the coming period, on the progress made in broadening trade and investment ties.

For his part, the Turkish Trade Minister underlined the 'significant' partnership between the two nations and their determination to advance cooperation across various fields.

Their discussions covered cooperation in the fields of land & maritime transport, ship-building, logistics and civil aviation. They also agreed to work for increasing direct airflights between the two nations and underpinning cooperation in the fields of tourism and hospitality.

'The UAE is Turkey's largest partner in the Gulf region,' Muş stressed.

In the meantime, the Joint Economic Committee convened under the chairmanship of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and the Turkish Minister of Trade in the presence of a number of government and private sector representatives and investors.

The two sides agreed on a joint UAE-Turkish action plan to grow the volume of non-oil trade and streamline commercial exchanges between the two nations while strengthening their manufacturing and investment potential in addition to developing cooperation in the financial, banking and Fintech sectors and accelerating the exchange of expertise and knowledge transfer in the fields of innovation, entrepreneurship, and SMEs.

The two countries signed an agreement to renew the business council between the UAE Federation of the Chambers of Commerce and Industry (FCCI) and the Turkish Council on Foreign Relations. 'The trade and investment cooperation between the UAE and Turkey is set to grow significantly over the coming period thanks to the economic diversification and free trade policies adopted by the two sides and their eminent strategic positions,' Al Zeyoudi said, noting that the UAE provides Turkey with a significant gate for its exports to the Middle East, Asia and African markets, while Turkey represents a significant market for the UAE exports to a number of European and Asian nations.

The non-oil trade between the two nations amounted to AED33 bn in 2020, a growth of 21 percent on 2019 despite the fallout of the COVID-19 on global trade during that period.

In the first half of 2021, the volume of non-oil trade between the two nations was up 100% to more than AED26.4 bn as compared to the same period last year.

'The UAE provides an investment-conducive environment to all investors from different parts of the world, including Turkish businesses,' Al Zeyoudi said, noting the business and technological incentives the UAE government provides to international firms.

'In the meantime, we encourage Emirati businesses to explore the diverse potential and resources in Turkey in order to advance the economic partnership between the two nations to new heights.' the minister added.

The UAE's FDI inflows to Turkey amounted to AED18.4 bn by the end of 2020, with the UAE firms investing in vital sectors in Turkey, including oil & gas, financial services,manufacturing, tourism, construction, and renewable energy. In the meantime, Turkish investments to the UAE reached over AED1.3 bn by the beginning of 2020, with Turkish firms investing in areas of building and construction, real estate, financial sector, insurance, manufacturing and IT.

During the meeting, the two sides agreed on growing coordination between their business communities and accelerating the exchange of expertise and information.

They approved mutual steps to encourage cooperation in the Islamic economy and Halal Industry, including establishing task forces to reinforce cooperation in Sharia-compliant financing and Islamic insurance solutions.

They also underlined their interest in growing cooperation in combatting climate change and protection of the environment, rationalisation of energy consumption, and unlocking new opportunities for investments in the fields of renewable energy, healthcare, food security & agriculture, water management, and livestock.

wam

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