UAE strengthens ties with Turkey
Dubai, September 6, 2008
The United Arab Emirates has reinforced its bilateral ties with Turkey through a five-man UAE delegation at the recently concluded 77th Izmir International Fair, Turkey’s oldest trade fair.
The Dubai Export Development Corporation (DEDC), the Dubai government body charged with promoting exports from the emirate, along with the UAE Ministry of Foreign Trade and three other high-level UAE delegations, have discussed potential partnerships with Turkey’s Ministry of Trade.
'The UAE, particularly Dubai, is attracting worldwide attention through its innovative businesses resulting in various huge investments from neighbouring countries, including Turkey. The UAE has emerged as a global business hub with its diverse economy in the region,' said Saed Al Awadi, chief executive officer, DEDC.
'Turkey is Dubai's leading export destination for aluminium products and precious metals valued at Dh85.63 million ($23 million) and Dh52.91 million respectively during the first half of 2008.
'The Izmir International Fair is a perfect platform for us to enhance Dubai's export capabilities, strengthen trade relations as well as forge partnerships with different sectors in Turkey.'
The volume of trade between the UAE and Turkey grew a phenomenal 400 per cent from $700 million in 2002 to $3.7 billion in 2007, with mutual investments reaching $2.5 billion in the past two years. The UAE currently has around $4 billion in investments in Turkey, while Turkey recently committed $40 billion in investments to the UAE within the next five years. - TradeArabia News Service