Business | Investment
UAE and Turkey pledge to enhance mutual investment
The UAE and Turkey concluded joint ministerial committee meetings here on Saturday with a pledge to boost economic growth and strategic ties.
- WAM
- Published: 01:26 February 17, 2008
Ankara: The UAE and Turkey concluded joint ministerial committee meetings here on Saturday with a pledge to boost economic growth and strategic ties.
The UAE delegation was led by Minister of Economy Shaikha Lubna Al Qasimi, while the Turkish side was led by Finance Minister Kemal Unakitan.
Speaking after the signing ceremony, Shaikha Lubna said the "outcome of the meetings constituted a long-term base for a strategic partnership in line with the vision of the leadership in both countries and aspirations of the peoples, including the business world".
Shaikha Lubna added the volume of trade between both countries grew 400 per cent from $700 million in 2002 to $3.7 billion last year.
Trade with Turkey represents two per cent of the UAE's total foreign trade, which includes items being exchanged through free zones. The volume of mutual investment stood at $2.5 billion in the last two years.
Shaikha Lubna said, "These results prove the distinguished economical and political relations between the UAE and Turkey. The GCC needs to sign a free trade agreement with Turkey to promote joint relations."
Both ministers sought a preferential trade system among the Organisation of Islamic Conference countries.
They said companies and corporations must be encouraged to organise exhibitions in both countries this year.
Turkey intends setting up commercial centres in Abu Dhabi and Dubai. The UAE promised all cooperation in the matter.
Both countries pledged to put regulations in place to develop joint investment relations. They agreed to finalise procedures on the endorsement of protection and promotion agreement signed in 2005.
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