UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum has met with Turkish President Recep Tayyip Erdogan at Expo 2020 Dubai.
Sheikh Mohammed said that Erdogan’s visit establishes a new phase of cooperation and strategic partnership between the UAE and Turkey.
The Dubai ruler added in a tweet: "Our economic relations hold great prospects. I am optimistic about the regional stability and prosperity, led by both countries."
Erdogan later met with representatives of major Emirati companies and discussed the prospects for cooperation and joint investments between the UAE and Turkey, boosting partnerships and increasing their commercial and investment relations to support economic growth in the two countries.
The President stressed that the two countries aim to enhance bilateral relations to higher levels in all fields, especially since these ties have a deep-rooted history and are based on a solid foundation.
Erdogan affirmed that Turkey and the UAE share a common interest in technology, an area that represents a viable prospect for increased cooperation between the two nations.
"With a population of 85 million, Turkey boasts a growing manufacturing, robust infrastructure, and a privileged geographical location," the Turkish President added, noting that the COVID-19 pandemic has proven the resilience of the Turkish economy.
He stressed that Turkey offers attractive incentives to foreign investors, including conducive legislation and a business-friendly environment.
Erdogan highlighted the willingness of Turkish authorities to provide Emirati investors with all required information about investments in his country.
The President hoped the meeting with the representatives of Emirati companies would be a steppingstone for accelerating cooperation between the two sides.
The leaderships of both countries aim to enhance their relations and reinforce their overall cooperation in trade, defense, tourism, energy, and transport.
Erdogan met with a member of the Abu Dhabi Executive Council, Sheikh Hamed bin Zayed Al Nahyan.
The meeting addressed the prospects for cooperation and joint investments between the UAE and Turkey, boosting their partnerships, and increasing their commercial and investment relations to support economic growth in the two countries.
Sheikh Hamed welcomed Erdogan and his delegation to the UAE. He noted that the bilateral ties between the two countries are rapidly growing, paving the way for widening partnerships.
He added that the trade value between the two nations had seen considerable growth, which is a clear indicator of the positive development in their economic partnership.
Sheikh Hamed highlighted the solid foundation of their commercial and investment relations and stressed that the meeting and its resulting partnership opportunities would drive further growth.
The official reviewed the trade and investment exchange indicators between the UAE and Turkey.
Non-oil trade exchange between UAE and Turkey totaled $13.7 billion in 2021, a 54 percent increase compared to 2020 and an 86 percent growth in 2019.
He also pointed out that Turkey is the seventh leading international trade partner of the UAE, accounting for three percent of the country's foreign non-oil trade, while the UAE is one of Turkey's top 12 global trade partners.
The UAE is among the top 15 investing countries in Turkey, with its investments amounting to $5 billion by the end of 2020, he added.
He explained that sovereign funds and Emirati companies invest in many vital sectors in Turkish markets while Turkish investments in the UAE amounted to $310 million by the end of 2019.
Sheikh Hamed added that the mutual investment and trade exchanges between the two countries are expected to pick up in the coming years, supported by their solid economic competitive environments and the available opportunities and comprehensive investment incentives in both countries significantly.
He stressed that the meeting between Erdogan and the representatives of major Emirati companies highlighted the keenness of the UAE's leadership to boost cooperation and economic partnership.
Sheikh Hamed highlighted the importance of the meeting to achieve the mutual objectives of the leadership of both countries to enhance their economic, commercial, and investment relations.
Moreover, UAE presidential advisor Anwar Gargash said that Erdogan’s visit opens a new, positive page in bilateral relations.
Gargash tweeted that the visit, which comes after a trip by Sheikh Mohammed bin Zayed Al Nahyan to Turkey, "opens a new, positive page in bilateral relations between the two countries and is in harmony with the UAE's efforts to build stronger communication and cooperation bridges that aim towards a stable, flourishing region."
