The UAE and Turkey held talks to enhance economic cooperation with the aim to support the development agendas led by the two countries and achieve common interests.
The talks came during a meeting between Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade, and a Turkish trade delegation, on the sidelines of Expo 2020.
During Sunday’s meeting, the two sides discussed plans to diversify economic opportunities and agreed on practical steps to develop trade, investment exchange and cooperation. They also touched on the means to address economic challenges.
The Emirates News Agency, WAM, reported that Al Zeyoudi briefed the Turkish delegation on the most important economic developments in the UAE, in light of the announcement of 50 new projects and the launch of a package of strategic and qualitative initiatives that promote the transformation towards a more flexible and sustainable economic model that opens broader horizons for investment and commercial partnerships.
The UAE minister also presented the updates to the country’s economic legislation, especially the liberalization of investment by allowing 100% foreign ownership of projects and companies across various economic sectors, except for limited activities that have a strategic impact on the country.
Al-Zeyoudi pointed to the importance of intensifying cooperation to formulate different plans for partnership during the next stage, developing more flexible and open mechanisms and policies for trade and investment cooperation, and identifying new sectors and opportunities that meet the requirements of future growth.
The non-oil trade exchange between the two countries recorded a growth of about 21 percent during 2020 compared to the previous year, reaching about USD 8.9 billion. The volume of trade exchange amounted to about USD 7.3 billion during the same period.