New agreements are foreseen during Erdogan's visit to the UAE
New agreements are expected to be signed next week during President Recep Tayyip Erdogan's visit to the United Arab Emirates (UAE)
Yayınlanma: 13 Şubat 2022 03:14
Güncellenme: 8 Kasım 2024 05:13
President Recep Tayyip Erdogan will visit the United Arab Emirates (UAE) on February 14–15, following the visit of Abu Dhabi Crown Prince Sheikh Muhammed bin Zayid en-Nehyan to Turkey on November 24, 2021.
Erdogan will hold talks in Abu Dhabi and Dubai during his visit.
It is planned that Erdogan will inaugurate "Turkish National Day" at the Dubai Expo and meet with business people.
In addition, new agreements are expected to be signed after the investment process between the two countries, which started on November 24, 2021.
"Untapped potential in exports to the UAE is at a level of 1.8 billion dollars"
To the news channels' correspondents, the Foreign Economic Relations Board (DEIK) Turkey-UAE Business Council Chairman Tevfik Öz evaluated the contribution of the visit to the economic relations of the two countries.
Tevfik Öz said that the positive developments in relations between the two countries were rapidly reflected in commercial and economic relations. The long-standing commercial stagnation period was replaced by a new period in which commercial activities gained momentum again and mutual investment and trade revived.
Öz stated that while Turkey was a net exporter in the period of 2014–2017 in bilateral trade with the UAE, it became a net importer in the period of 2018–2020.
Informing that the main products imported by the UAE from the world are electrical devices, gold and jewellery, machinery, automotive, energy, plastics, aircraft, iron and steel products, Öz said, according to the International Trade Center (ITC) export potential calculations, Turkey's UAE He stated that the unused potential in exports to Turkey is at the level of 1.8 billion dollars.
Pointing out that there is great export potential that cannot be used in the clothing, machinery and electrical products, motor vehicles, food, fruit, and plastic sectors, especially in gold and jewellery, Öz said, "With the positive developments in political relations, the trade volume between Turkey and the UAE will increase in the coming period. We can predict that the idle export capacities of the Turkish private sector can be reached to the potential level by focusing on the target sectors."
