Erdogan meets with representatives of several Emirati companies on his visit to Abu Dhabi

Turkish President Recep Tayyip Erdogan met with representatives of leading Emirati companies before concluding his official visit to the United Arab Emirates in the presence of Crown Prince and Abu Dhabi Executive Council member Sheikh Hamed bin Zayed al-Nahyan. The meeting, held at the Emirates Palace, discussed the prospects for cooperation and joint investments between the UAE and Turkey to boost economic growth in the two countries.

The UAE is Turkey's main trading partner in the Gulf Cooperation Council (GCC) region, which is why the Ottoman country aims to enhance bilateral ties between the two countries.

In this meeting, Sheikh Hamed pointed out that bilateral ties are growing exponentially in a direction that expands the partnerships between the two nations, and it is not for nothing that these words were affirmed, as the commercial exchange between the two countries has experienced considerable growth. According to data offered by Emirati businessman Sheikh Hamed, managing director of the Abu Dhabi Investment Authority, non-oil trade exchange totalled some $13.7 billion in 2021, an increase of 54% compared to 2020 and a growth of 86% compared to 2019. Alongside this, it was mentioned that Turkey is the seventh leading international trading partner of the UAE, while the UAE is one of Turkey's top 12 global trading partners.

Sheikh Hamed added that the UAE is among the top 15 investing countries in Turkey, with investments of up to $5 billion in figures recorded at the end of 2020. Also, the businessman explained that Emirati companies invest in many vital sectors in Turkish markets, while the value of Turkish investments in the UAE amounted to $310 million at the end of 2019.

"It is a clear indicator of the positive development in their economic partnership," Sheikh Hamed added, noting that mutual investments and trade exchanges between the two countries are expected to pick up through the "strong competitive economic environments, available opportunities and comprehensive investment incentives". Hamed also stressed the importance of the meeting with the Turkish president in achieving the mutual goals of the leaders of the two countries to improve their economic, trade and investment relations.

For his part, Erdogan affirmed that the two countries have a strong will to develop their ties, especially since the new phase that began last November with the visit of Crown Prince Mohammed bin Zayed to Turkey. The Turkish president also mentioned the "resilience of the Turkish economy" in the wake of the COVID-19 pandemic and encouraged the incentives his country offers to foreign investors, as well as the shared interest in technology that, according to Erdogan, "offers a viable opportunity for further cooperation"

"With a population of 85 million people, Turkey has growing manufacturing, robust infrastructure and a privileged geographical location," Erdogan added, aiming to accelerate cooperation between Emirati and Turkish companies.

The Turkish president's visit to the UAE ended yesterday, after the meeting with businessmen, with a visit to Expo 2020 in Dubai with Sheikh Mohammed bin Rashid, the emirate's vice-president and ruler. The sheikh said Erdogan's visit, along with the November 2021 meeting, would "pave the way for a new and promising era of cooperation".