Dubai: President Abdullah Gul of Turkey yesterday called upon business leaders in the UAE and Turkey to help enhance economic cooperation.
Gul said the two countries would like to see trade increase from $5 billion (Dh18.35 billion) in 2011 to $10 billion in 2015.
"The strong political will of the two countries is enough to eliminate all obstacles and bureaucracy and pave the way for business people and investors to achieve a successful [partnership]," he said.
He added that the two countries share common values, faith, religion and culture, and both should make use of these advantages to strengthen their ties.
Gul addressed a gathering of 500 UAE and Turkish business leaders in the presence of Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and Mehmet Simsek, Turkey's Minister of Finance, during the UAE-Turkey Business Forum organised by the Dubai Chamber of Commerce and Industry yesterday.
"We are here today to reinforce UAE-Turkey ties and turn a new page in our relations and future development. If you have the will you can find a way."
Gul said Dubai's achievements since his last visit here as foreign minister are very impressive.
EU standards
The Turkish president invited businessmen to do business in Turkey in sectors such as health, transportation, manufacturing, agriculture, tourism and financial services.
"In the last ten years deep-rooted reforms made in the political, economic and social spheres have changed Turkey completely into a new country that today enjoys a very sound investment environment."
"There is no differential treatment between foreign and Turkish investors."
He said Turkey's business framework is based on European Union standards. Turkey has been a member of the EU Customs Union since 1996, which is very helpful in easing trade between Turkey and European countries.
Gul said the country is still negotiating for full membership in the EU and has proved the strength of its economy. He said Turkey has passed the test of the economic crisis while European countries are still suffering.
"While debt [as per norms] should not reach 60 per cent of the GDP, the debt volume in some European countries has mounted to 120 per cent, and it was 40 per cent in Turkey."
He said though it was stipulated the budget deficit should not exceed 4 per cent, the budget deficit in some European countries was approaching 7 per cent to 8 per cent. Turkey's deficit was 1 per cent.
Turkey's economy achieved 9 per cent growth in 2011 compared to 5 per cent in 2010, although it is expected to slow down to 4 per cent in 2012, according to government estimates.
On Dubai's growing commercial relationship with Turkey, Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber, pointed out that there are 282 Turkish companies operating in Dubai across a number of industry sectors.
In the first nine months of 2011 non-oil trade between Dubai and Turkey reached Dh10.5 billion, making Turkey Dubai's 19th largest trade partner.
Dubai's trade with Turkey is increasing and encompasses semi-precious stones, electric equipment and machinery in addition to cosmetics.
Potential areas
There are many potential areas in Turkey, including trade, construction, real estate, transport and logistics that Dubai-based companies can invest in, Al Ghurair said.
Faik Yavuz, Vice-President of the Union of Chambers and Commodity Exchanges of Turkey, called upon the UAE to remove visa restrictions and provide visa extensions to Turkish businesses in order to facilitate Turkish investments in the UAE.
Upward trajectory
- $5b: trade between UAE and Turkey in 2011
- 40%: volume of debt as share of GDP in Turkey
