Bolat: Target to reach 25 billion dollars in foreign trade with UAE

Minister of Trade Ömer Bolat said, "With this agreement that will enter into force on September 1, Turkish companies will be opening the Gulf market, while UAE companies will be opening a door to EU markets through Turkey's Customs Union." Bolat also said that the goal is to increase foreign trade to 25 billion dollars in a few years. The UAE-Turkey Business Forum, which was held with the participation of Treasury and Finance Minister Mehmet Şimşek, Industry and Technology Minister Mehmet Fatih Kacır and Energy and Natural Resources Minister Alparslan Bayraktar, brought together many business people from many sectors, primarily real estate, contracting, industry, agriculture, food, IT and banking, from the two countries. Speaking at the closing part of the forum, Minister of Trade Ömer Bolat noted that they held contacts in the three brother countries with a very large public and private sector delegation led by President Erdoğan for 3 days, and said that they had a magnificent finale in the UAE. Explaining that they were welcomed very warmly from the first moment they set foot in the country, Bolat continued his words as follows: "Our trade and investment relations and economic partnership between Turkey and the United Arab Emirates, which have never diminished but always moved upwards, reached a peak in the political and strategic areas after this visit of our President. The two countries signed very important agreements in the economic, commercial, political and cultural areas. Most importantly, following today's talks, a high-level strategic cooperation committee was established between Turkey and the UAE. Among the agreements made on this occasion, an agreement was signed between us as the Ministry of Commerce and the UAE Ministry of Commerce to establish a joint economy and trade committee." "Relations will progress stronger from now on" Minister Bolat stated that they will hold the first meeting of the Turkey-UAE Joint Economic and Trade Commission (JETCO), which was implemented with an important decision, in Istanbul in the fall with broad participation, and said that relations will progress strongly from now on thanks to the determination and political will of the leaders of the two countries. Expressing that the Turkey-UAE Comprehensive Economic Partnership Agreement signed a few months ago would provide great momentum to relations, Bolat made the following statements: “This bilateral agreement covers 80 percent of our mutual trade and includes important provisions in the areas of goods trade between the two countries as well as services trade, investments and trade facilitation, intellectual property rights, customs and halal certification. With this agreement, which will enter into force as of September 1, businesspeople from the two countries will be able to trade with each other under much more advantageous conditions compared to third countries. Thanks to this agreement, Turkish companies will have opened the Gulf market, while UAE companies will have opened a door to EU markets through Turkey’s Customs Union.” “The target for foreign trade is to reach 40 billion dollars in five years” Minister of Trade Bolat underlined that they aim to reach the foreign trade volume, which approached the 10 billion dollar limit in the first half of this year, to 25 billion dollars in a few years, and 40 billion dollars in five years at the latest. Bolat, who stated that the investments of Gulf countries in Turkey reached 16 billion dollars as of 2022 and that the UAE received a share of 3.5 billion dollars from this figure, said that they expect investment partnerships between companies from the two countries to accelerate in the new period. Bolat said, "We believe that UAE companies will have very important opportunities in terms of investment in sectors such as energy, petrochemicals, technology, transportation and logistics." Bolat, who stated that they want to see more UAE companies in Turkey, emphasized that there are also very important opportunities for Turkish companies that want to invest in the UAE in many sectors such as energy, petrochemicals, metals, aviation and defense industry within the scope of Abu Dhabi Economic Vision 2030. Bolat said, "At this point, we evaluate that mutual investments will also accelerate as a reflection of the very close dialogue and contacts established by the esteemed heads of state of the two countries." "Our contractors are ready to undertake the UAE's 2030 Vision projects" Minister Bolat stated that Turkish contractors have undertaken very important projects in the international arena and made the following statements: "From now on, our contracting companies are ready to fulfill large-scale projects and commitments within the framework of the United Arab Emirates' 2030 Vision projects. At the same time, the two countries have the potential to set an example for regional countries by cooperating in third countries. I would like to express that we are ready to cooperate with the United Arab Emirates country and companies, especially in the reconstruction of Ukraine and joint investments to be made in Africa. The pioneer forces in the field who will evaluate all these opportunities are you, the business people and companies. As government officials, we have prepared a very close and high-level cooperation environment in every field and eliminated all obstacles that may arise or exist, and have currently offered very important opportunities for investment, trade and cooperation in third countries to the business people and companies of Turkey and the UAE." Bolat added that as decision makers who always support the business world, they are ready to handle any problems that may arise.