President Recep Tayyip Erdoğan has touted Turkey’s investment advantages for businessmen in the United Arab Emirates (UAE) on Tuesday after a burst of agreements between the two countries seek to build economic bridges after a one-year break.
Visit the Gulf Country for the first times since 2013, Erdoğan received a grand homepage on Monday with the de facto ruler of the United Arab Emirates, the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan (MBZ), meets him on arrival and Turkey’s world’s tallest tower, the Burj Khalifa, projecting Turkey’s flag.
Having moved to put years of tight relationships behind them, Turkey and the UAE have opened the doors to a new phase in bilateral relations marked by deep economic cooperation after a break of several years.
Erdoğan’s two-day return visit followed a Crown Prince trip to Ankara in end of November which marked an important step move towards overcoming conflicts.
Mutual goal: Stronger relationships
“Our mutual goal is to take our bilateral relations too far higher levels in all areas,” Erdoğan said at a meeting with investors in Abu Dhabi, highlighting in particular the strong common desire to boost investment relations.
“Turkey offers very important advantages for investors looking for alternatives to production zones centered on Asia.
Erdoğan and the crown prince oversaw the signing of 13 chords on Monday, including on tradeindustry, defense, health and medical sciences, land and maritime transport and climate action.
Visit in November gave rise to investment agreements worth Billions of dollars and was MBZ first official trip to Turkey since 2012 and the highestlevel visit by an Emirati official since the relationship between the two countries hit a bottom.
Erdogan said on Tuesday that this journey “began a new time” with the UAE, adding that there was a “strong collective will to develop trade relationships and increase investment.
Talks on investment trade agreement
The United Arab Emirates and Turkey on Monday signed a joint statement on start negotiations for a bilateral trade and investment agreement, known as the Economic Partnership Agreement global (CEPA), the Emirati States news said the WAM agency.
Emirati minister of State for Foreign trade Thani Al Zeyoudi told Reuters the UAE was waiting trade with Turkey is expected to increase significantly once the CEPA comes into effect which it hoped the two sides could finalize by six month to one year.
Erdoğan called on business leaders in the UAE to invest in Turkey.
” As the leading representatives of the private sector in the United Arab Emirates, I am sure you fully understand the advantages of establish business and investment partnerships with Turkey,” he said.
“It’s you, the esteemed members of our business world, who will do both countries’ potential, in particular in trade and investments.
The bucket in November said he had earmarked a $10 billion fund to support mainly strategic investments in Turkey. The fund will focus on strategic investments, including in the energy and health sectors.
Last month the two countries Okay on a nearly $5 billion swap deal in local currencies.
The president dubbed the UAE as Turkey’s main player trade partner in the gulf regionet says trade volume and buoyancy in private sector partnerships were maintained even for a period of tight relationships.
“I believe that as countries which complement each other economically, we will cover a significant part distance in shortly,” Erdoğan said.
“The UAE offers financial support and favorable investment opportunities for tech companies and startups. Turkey, with its dynamics and young populationest leading new global initiatives that develop technology.”
Top regional trading the partners
Turkey and the United Arab Emirates remain crucial regional trading the partners. The Gulf country said it hoped double or triple the trade volume with Turkey, which it sees as a path to new markets.
Around 400 Emirati companies operate in Turkey, 11th in the United Arab Emirates trading partner, WAM said.
Their bilateral trade the volume had reached nearly 15 billion dollars in 2017, the highest level never before declining as relations grew strained.
Revenue fell to $6.9 billion per year later, before rebounding to nearly $7.9 billion in 2019, according to data from the Turkish Statistical Institute (TurkStat). Volume increased further to $8.3 billion in 2020 despite the coronavirus pandemic, before dropping slightly to $7.6 billion last year.
Turkey and UAE changed roles when it comes to recording a surplus in their exchange. Turkey’s exports to the country had hit a record absolute of nearly $9.2 billion in 2017, compared to imports worth $5.5 billion.
However, Turkey recorded a trade deficit in the following years, before reversing the trend again last year.
Its exports had totaled $3.14 billion, $3.52 billion and $2.72 billion in 2018, 2019 and 2020, respectively, compared to imports of $3.78 billion, $4.34 billion and $5.57 billion, according to the data.
Turkey exported about $5.2 billion worth of goods in UAE last year and purchased nearly $2.4 billion worth of country products.
Travel to Dubai
Erdogan on Tuesday also met with the bucket prime minister and rule of Dubai, Sheikh Mohammed bin Rashid Al Maktoum at Expo 2020 Dubai, where the two discussed ways to develop bilateral relations.
Turkey participates in the exhibition, the first world fair held in Middle East, with a pavilion that was set up with the theme “Creating the future from ground zero of Civilizations.
Held under the banner ‘Connecting Minds and Creating the Future’, Expo 2020 Dubai has been delayed for a year due to the COVID-19 pandemic. It opened its doors to exhibitors of nearly 200 countries on October 1st last year and will end at the end of March.
Team with the latest technologiesThe Turkey pavilion offers visitors a chance embark on a trip that throws light on the beauty export products, technology, nature, unique history and cultural wealth of the country.