June 7, 2023

Dubai Week

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The United Arab Emirates is betting on Turkey to open new markets

The United Arab Emirates is betting on Turkey to open new markets

The United Arab Emirates is keen to look for opportunities to double and triple its trade rating with Turkey, indicating clear good relations between the two countries after a long silence.

United Arab Emirates Foreign Trade Minister Thani al-Jodi told Bloomberg, “The United Arab Emirates is betting that Turkey will open the door to new markets with its logistics and supply chains.”

The Minister stressed that the United Arab Emirates wants to benefit from the largest Turkish investments in the industrial sector, its professional labor and its logistics network, especially with Africa.

The government is also working to finalize trade agreements with India and Israel, according to the minister, who expects the deal with Turkey to be released in the coming months.

The Gulf state seeks to consolidate its position as an international hub in the world of trade and finance, particularly seeking to attract trade and investment from its neighbor Saudi Arabia.

Last year, the United Arab Emirates announced plans to deepen its trade ties with the fast-growing economies of Asia and Africa, and withdrew $ 150 billion from foreign investment funds.

The reports come after Abu Dhabi’s Crown Prince Sheikh Mohammed bin Saeed unveiled the $ 10 billion investment in Turkey in November during the Emirati official’s first high – level visit to Turkey since 2012.

Relations between the two countries were tense after the embargo imposed by Ankara’s close ally Qatar, among others, including Saudi Arabia and the United Arab Emirates, and lasted from mid – 2017 until early last year.

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On the other hand, despite the high number of cases of Govt-19, the Emirati Minister assured the US agency that the government would not take steps to completely shut down the economy to prevent the outbreak of the corona virus, but he pointed out. The government is focused on raising testing and vaccination rates to maintain the economy.