Turkish trade minister heads to UAE for talks on deepening business opportunities
Turkish Trade Minister Omer Bolat speaks at the UAE-Türkiye Business Forum held at the Emirates Palace Mandarin Oriental Hotel in Abu Dhabi, United Arab Emirates, on Jul. 19, 2023. (AA Photo)
Turkish Minister of Trade Omer Bolat is scheduled to visit Abu Dhabi, the capital of the United Arab Emirates (UAE), on Monday for a series of official engagements, according to information obtained by Anadolu Agency from the ministry.
As part of his visit, Minister Bolat will attend the opening ceremony of the 14th Annual Investment Meeting (AIM) Congress. He is also set to deliver the keynote address at the leaders’ session titled “Foreign Direct Investment as a Catalyst for Global Unity.”
During the AIM Congress, Bolat will hold bilateral talks with Rustam Minnikhanov, president of the Republic of Tatarstan, a federal subject of the Russian Federation. The discussions will focus on trade, investment, and construction services. He will also meet with Dawood Al Shezawi, President of the AIM Global Foundation.
Bolat and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi will co-chair the second session of the Türkiye-UAE Economic and Trade Joint Committee (JETCO) and the first session of the Türkiye-UAE Comprehensive Economic Partnership Agreement (CEPA) Joint Committee.
The committee meetings will cover a broad range of issues, including bilateral trade, CEPA, investments, contracting services, trade financing, service sectors, customs cooperation, green transition, and partnerships in third countries. Memorandums of understanding (MoUs) will be signed by both parties for the JETCO and CEPA committees.
A roundtable meeting with leading firms from both countries will also be held, where ministers will consider feedback and proposals from the business community.
Additionally, Minister Bolat will meet with Turkish businesspeople based in the UAE under the organization of the World Turkish Business Council, which operates under the Foreign Economic Relations Board of Türkiye (DEIK).
Targeting $40 billion in bilateral trade
The trade volume between Türkiye and the UAE exceeded $16 billion last year. In the first quarter of 2024, trade surged by 44% compared to the same period in the previous year, reaching $4.8 billion.
Under the CEPA, which entered into force on September 1, 2023, both countries aim to increase their bilateral trade to $40 billion within five years.
To date, Turkish construction firms have undertaken 149 projects worth $17.7 billion in the UAE, making it the 10th most active market globally for Turkish contractors.
The visit seeks to build on the current momentum in Türkiye-UAE relations by fostering deeper trade ties and encouraging greater cooperation and partnerships among firms from both countries.
