Abu Dhabi: Trade between the UAE and Turkey is expected to more than double by 2015, representatives of both governments said yesterday.
They said that trade is expected to increase from the current Dh16.1 billion ($4.4 billion) to about Dh36.7 billion within three years, with Turkey playing a major role in the UAE's push to expand non-oil trade.
Mohammad Omar Abdullah, undersecretary in the Department of Economic Development (DED), praised opportunities in Turkey, which he said was one of the world's most dynamic markets with a competitive workforce and ranked 16th among the world's large economies.
Qualitative shift
He said the vision of the Abu Dhabi Government is to develop the share of non-oil industries in the emirate's GDP by increasing it by 6-7 per cent to 64 per cent by 2030.
"It is now mature and suitable for both countries to move forward with their strategic partnerships," Abdullah said.
The comments come as President His Highness Shaikh Khalifa Bin Zayed Al Nahyan held talks with President Abdullah Gul of Turkey at Al Diyafa Palace.
Mohammad Al Muhairi, director general of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), said that there are 30 Turkish companies in Abu Dhabi and 13 UAE companies operating in Turkey.
Bullent Kushnaz, vice-president of the Union of Chambers of Commerce and Commodities in Turkey (TOBB), said that Turkey is studying the Abu Dhabi 2030 Vision.
"We are giving due consideration to the 2030 Vision of Abu Dhabi which has potential investment of $200 billion (Dh734 billion) to carry out this vision.
"We like to be part of these projects, and to benefit the UAE from our own experiences in the field of construction and infrastructure," Kushnaz added.
Invitation
He invited UAE investors and businessmen to visit Turkey and to launch joint ventures with Turkish counterparts.
In 2010, 30,480 Emiratis travelled to Turkey and the number of Emirati holidaymakers to Turkey stood at 25,000 in the first eight months of 2011, an increase of 8.5 per cent over the same period in 2010, according to TOBB figures.
Experiences
"Turkey's main exports to the UAE are iron and steel, textiles, and electrical machinery. The import side is dominated by gold, gold-plated silver, and base metals, highlighting especially Dubai's position as a precious metals hub and Turkey's role as one of the leading global gold markets," TOBB said in a statement.
TOBB figures showed that there are 500 Turkish companies operating in the UAE in sectors such as trade, petroleum, construction, transport, security, equity and pharmaceuticals.
During his visit, Gul also visited Masdar, Abu Dhabi's multifaceted renewable energy company as well as the Masdar Institute of Science and Technology yesterday allowing the company to showcase, first hand its efforts to accelerate, develop and deploy renewable energy and clean technologies.
Commending Masdar City and the Masdar Institute of Science and Technology for the great strides they have taken in less than six years, Gul said: "In the past five years, Abu Dhabi, through Masdar has become a centre for the dialogue on the development and dissemination of renewable energy and clean technologies — as the president of a country that enjoys great renewable energy potential — it was very important that I ensure that Masdar City and the Masdar Institute of Science and are included in my tour of the UAE."
