Abu Dhabi (WAM)
His Excellency Recep Tayyip Erdogan, President of the friendly Republic of Turkey, met – in the presence of His Highness Sheikh Hamed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi – representatives of a group of major Emirati companies. The meeting, which took place yesterday at the Emirates Palace Hotel, discussed the prospects for cooperation and joint investments between the UAE and Turkey, and ways to expand partnership areas and increase the volume of trade and investment flows, which contributes to promoting economic growth in the two countries.
His Highness Sheikh Hamed bin Zayed Al Nahyan, in a speech at the beginning of the meeting, welcomed the Turkish President and his accompanying delegation in the UAE, and said that the bilateral relations between the two friendly countries are witnessing rapid positive developments, which open new horizons for cooperation and joint work between the UAE and Turkey in all areas. The areas that serve their mutual interests, thanks to the strong will and the joint forward-looking vision of the leaderships of the two countries aimed at a brighter and more prosperous future. In his speech during the meeting, which was attended by representatives of more than 25 Emirati companies, His Highness Sheikh Hamed bin Zayed Al Nahyan stressed that the economic relations between the UAE and Turkey are witnessing continuous development and growth in the sectors of trade, investment and other sectors of common interest, and they are able to move forward towards broader horizons. And broader partnerships of cooperation and joint action in various fields that enhance the development process in the two countries.
His Highness expressed his confidence that the visit of the Turkish President to the UAE and the previous visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Turkey last November, and the signing of cooperation agreements and memoranda of understanding in many fields In addition to the announcement of the establishment of a fund worth ten billion dollars to support strategic investments in Turkey, it paves the way for a new and promising phase of bilateral relations between the two countries and constitutes a solid basis for launching them towards a comprehensive strategic partnership.
His Highness added that the volume of trade and investment exchange between the UAE and Turkey is witnessing an increasing growth, which is a clear indication of the positive trend taken by the economic partnership between the two countries, pointing out that there are solid foundations for trade and investment relations between the UAE and Turkey. Opportunities for partnership and cooperation to build upon to be a starting point for further growth and prosperity. His Highness reviewed the indicators of trade and investment between the UAE and Turkey, noting that the non-oil intra-regional trade between the two countries achieved a record jump during 2021, recording $13.7 billion, a growth of 54% compared to 2020, and an increase of 86% compared to 2019, pointing out that Turkey is the partner. The seventh trade in the world for the UAE, with a share of 3% of the country’s non-oil foreign trade, and the UAE is among the 12 most important trading partners of Turkey globally.
Regarding mutual investments, His Highness Sheikh Hamed bin Zayed Al Nahyan said: The UAE is among the 15 most important investing countries in Turkey, with investments amounting to $5 billion at the end of 2020, as sovereign funds and Emirati companies invest in many vital sectors in the Turkish markets. The value of Turkish investments in the UAE amounted to $310 million at the end of 2019.
Turkish President Recep Tayyip Erdogan stressed, during the meeting with representatives of Emirati companies, that a new era began in Turkish-Emirati relations with the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan to Turkey last November, and that the two countries have a strong common will to develop relations, especially trade. and increase investments.
His Excellency added that the UAE is Turkey’s main trading partner in the Arab Gulf region, and our goal is to raise bilateral relations to higher levels in all fields, especially since these relations have a deep-rooted history and are based on a strong infrastructure. The Turkish president touched on the participation of his country and the UAE in the interest in technology, which provides an opportunity for cooperation and integration between them in this field.
His Excellency pointed out that Turkey has 85 million people, rising industrial production, a strong infrastructure, in addition to an important geographical location, and that the “Corona” pandemic demonstrated the strength of the Turkish economy during the past twenty years. He stressed that Turkey offers privileges to foreign investors, which made the interest of international investors in it increasing, pointing out that his country has attractive legislation to support business and investments.
He added that the will of the leaderships of the two countries is important to bring the relations between Turkey and the UAE to the required level by laying the groundwork for cooperation in all fields from trade to defense and from tourism to energy and transportation at the same time. At the end of his speech, the Turkish President expressed the readiness of the relevant institutions in Turkey to provide Emirati investors with all the information they want about investing in Turkey, hoping that the meeting with representatives of Emirati companies would be a good start for all.
Mutual Investments
His Highness Sheikh Hamed bin Zayed Al Nahyan said: It is expected that mutual investments as well as intra-trade will witness remarkable growth in the coming years, supported by the strong and competitive economic environment rich in opportunities, ingredients and integrated investment incentives enjoyed by the two countries, and that the meeting between the Turkish President and representatives of major Emirati companies confirm the keenness of the UAE leadership to expand the horizons of cooperation and economic partnership between the two countries, to bring them to broader levels, for the benefit of the two friendly peoples.
His Highness stressed that there are promising prospects for economic growth and prosperity in the two friendly countries through integration and partnership, not only by taking advantage of investment and trade opportunities in both markets, but also by using the strategic location of both countries, as a gateway for trade and investment to enter neighboring regional markets.
At the conclusion of his speech, His Highness Sheikh Hamed bin Zayed Al Nahyan said: “We count on this important meeting in achieving the common will of the leaderships of the two countries to advance economic, trade and investment relations to broader horizons, creating more opportunities for expansion and growth for the business community in both countries. We look forward to More such fruitful meetings in the future.”