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Agreement will support exports from construction, infrastructure, energy and hospitality sectors
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Dr. Thani Al Zeyoudi signed the agreement with Emirati and Turkish officials. — Photos provided
Two major agreements announced at the recent UAE-Turkey Business Forum in Abu Dhabi will boost UAE-Turkey investments in several key economic sectors. The two announcements, aimed at strengthening cooperation between the business communities of the two countries, were announced during a business forum aimed at strengthening the economic partnership between the two countries and driving investment.
The forum follows the signing of the Comprehensive Economic Partnership Agreement (Cepa) between the two countries in March 2023, which will come into effect in September and coincides with the visit of Turkish President Recep Tayyip Erdogan to the UAE .
The first agreement was signed between the Abu Dhabi Department of Economic Development (ADDED) and the Turkish Exporters Association (TIM), represented by Rashid Abdul Karim Al Balooshi, Deputy Minister of Economic Development of Abu Dhabi, and Mustafa Gültepe, Chairman of the Turkish Exporters Association. TIM Federation Board of Directors.
The second agreement was reached between the UAE’s Alpha Dhabi Holding and the Turkish Limak Holding Group represented by Eng. Hamad Salem Al Ameri, Managing Director and CEO of Alpha Abu Dhabi Holding and Ebru Özdemir, Chairman of Limak Holding. The agreement envisages a series of commercial partnerships and joint ventures in various sectors including construction and development, infrastructure, energy and hospitality.
The forum, attended by Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Mohamed Hassan Alsuwaidi, UAE Minister of Investment, presented the UAE’s most promising investment opportunities in various vertical industries and sectors, including trade, technology, financial activities, insurance , transportation and logistics, real estate and manufacturing. Additionally, Turkish companies are invited to take advantage of the opportunities offered by the UAE’s business and trade environment.
These include the UAE allowing 100% ownership by foreign companies, flexible tax policies, fast-track procedures for establishing businesses, and access to products and goods from companies operating in the UAE at lower tariffs and fees through the Comprehensive Economic Partnership Agreement. Agreements with many strategic partners. In addition, the Turkish business community has the opportunity to join the NextGenFDI programme, which provides a package of support services, including bulk visa issuance and banking support, to simplify market entry in the UAE.
The forum was held against the backdrop of record results for FDI in the UAE, which will increase to $23 billion by the end of 2022, a 10% increase from 2021. UAE-Türkiye Cepa is expected to drive investment growth in the UAE-. Turkish trade has reached record levels.
Dr. Thani Alzeyoudi, Minister of State for Foreign Trade, said this is a “golden era” for UAE-Turkey relations, with the latest data showing that total non-oil trade between the two countries will increase to $18 billion by 2022, up from 2021 Growth of 40% and 112% compared to 2020, making Turkey the fastest growing among the UAE’s top ten trading partners. He added that total investment between the two countries has increased to $20 billion. “The Comprehensive Economic Partnership Agreement signed by the UAE and Turkey will enter into force in September this year, which will help usher in a new era of economic integration between our two countries,” he said. “Our trade and investment relations continue to deepen, and the CEPA agreement It will create more opportunities for the UAE and Turkish business communities. It will open up new avenues for exporters of goods and services in the markets of the two countries and surrounding regions, stimulating trade and investment flows between the two countries.”
Borat confirmed that the UAE is one of Turkey’s most important trading partners in the region and the Arab world. With the imminent implementation of the Comprehensive Economic Partnership Agreement between the two countries, there is a mutual desire to take these growing relations to a broader level. The agreement aims to double the current value of intra-oil non-oil trade over the next five years by eliminating or reducing tariffs on most goods and products exchanged between the two countries.
He added that the convening of the UAE-Turkey Business Forum as part of Erdogan’s visit to the UAE reflects the interest of both countries in developing economic relations, especially as it is an ideal platform for establishing partnerships between the business community and the private sectors of both countries. .
Borat said that Turkey and the UAE share many common values, which have greatly deepened bilateral relations, strengthened economic and trade relations, and opened the way to accelerate growth and support sustainable development.
Other attendees included Abdullah Mohammed Al Mazrouei, Chairman of the UAE Chamber of Commerce and Industry, Abdullah Humaid Al Hameli, Chairman of the UAE side of the UAE-Turkey Business Council, Turkey International Director Neil Olpack, chairman of the meeting, Tufik Oz, Turkish chairman of the UAE-Turkey Business Council, as well as numerous officials, business leaders and corporate representatives from both countries.
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