UAE President Sheikh Mohamed bin Zayed Al Nahyan and Turkish President Recep Tayyip Erdogan today witnessed the signings of several strategic agreements and MOUs worth a total of USD 50.7 billion to further cement ties between the two nations.
MOUs and agreements across a range of sectors including energy, defense, infrastructure, technology, finance and space were announced during President Tayyip Erdogan’s visit to the UAE.
Turkey is one of the UAE’s largest trading partners, with non-oil intra-trade between the nations from 2013 to 2022 amounting to more than USD 103 billion, divided into USD 56 billion in imports, about USD 35 billion in exports, and more than USD 12 billion in re-exports, according to the UAE’s Federal Competitiveness and Statistics Centre (FCSC).
Earlier this year, the Governments of the two countries signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to increase trade between the two countries to USD 40 billion in the next five years.
Turkey has significant economic potential. With the government’s commitment to ensuring macroeconomic stability, the attractiveness of Turkey as an investment destination will continue to rapidly grow and prosper.
Established in July 2023, the Ministry of Investment aims to accelerate foreign direct investment into the country and further strengthen the UAE’s position as a globally leading investor.
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