Erdogan Advances Bilateral Economic Ties with UAE in Dubai Summit

Dubai, The Gulf Observer: Turkish President Recep Tayyip Erdogan met with representatives of UAE and international investment firms in Dubai on Tuesday, on the sidelines of the World Governments Summit. During the meeting, President Erdogan unveiled Türkiye’s ambitious plan to elevate the trade volume between Ankara and Dubai to $50 billion within the next five years.

President Erdogan highlighted the significance of the over 40 agreements signed across various sectors, including trade, finance, customs, energy, environment, and banking. Emphasizing the need to strengthen bilateral partnerships, he underlined the importance of creating new opportunities and facilitations for the private sector.

Referring to the elevation of relations to the level of “Strategic Partnership” through the council mechanism announced during a previous visit in July, Erdogan disclosed plans for the inaugural meeting of the council. He will co-chair the council with Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, and the meeting is scheduled to take place in Türkiye in the coming months.

Erdogan commended the tangible results of these initiatives, noting that bilateral trade volume surpassed $20 billion last year, marking a remarkable 112 percent increase. Türkiye has emerged as the largest trading partner of the UAE in the Gulf region. Close to 600 UAE-capital companies operate in various sectors in Türkiye, and around a thousand Turkish-capital companies operate in the UAE.

Expressing confidence in the potential for further collaboration, Erdogan affirmed the mutual goal to elevate the trade volume to $50 billion within the next five years. He addressed the recent decision to grant a 90-day visa exemption to UAE citizens, emphasizing Türkiye’s readiness to support potential investors from the UAE. He highlighted the open doors of institutions such as the Presidency Investment Office, embassies, and consulates to investors.

President Erdogan’s participation in the 2024 World Governments Summit, themed “Shaping Future Governments,” underscores Türkiye’s commitment to fostering international cooperation. The summit, which began on Monday, has seen the participation of over 25 heads of state and government leaders and will continue until February 14.