Within their endeavor to foster economic and trading relationships and to serve their mutual interests, the Abu Dhabi Chamber of Commerce and Industry signed a cooperation agreement with Turkish Industry and Business Association – TUSIAD at the Chamber building in Abu Dhabi.

According to the agreement, both sides shall cooperate to strengthen their ties and exchange expertise and information in the field of economy, trade, investment.

The agreement also states that the parties “will exchange trade delegations and missions, assist each other to arrange visits and create active channels of communication.”

The parties have also agreed to conduct virtual seminars instrumental to enhancing and streamlining relations in addition to providing market research in the UAE and the Republic of Turkey as well as organizing economic and trade seminars, business talks and other necessary business activities.

The signing of the agreement comes on the sideline of a meeting between the Abu Dhabi and a delegation from TUSIAD, which was attended by His Excellency Dr. Ali Saeed bin Harmal Al Dhaheri, First Vice Chairman of Abu Dhabi Chamber, along with Abu Dhabi Chamber Board Members H.E. Saeed Ghumran Al Remeithi; H.E. Shames Ali Khalfan Al Dhaheri; and H.E. Amer Fayez Kakish. His Excellency Mohamed Helal Al Mheiri, Director General of the Abu Dhabi Chamber, attended the meeting as well.

Heading the Turkish delegation was Mr. Murat Özyeğin, Vice President of TUSIAD, who was accompanied by more than twenty representatives of the biggest Turkish corporations operating in key sectors including healthcare, construction, legal consultations, finance, investment, food, and hospitality.

Turkish-Emirati Relations

In his welcoming remarks, H.E. Dr. Al Dhaheri pointed to the importance of Turkey as a strategic economic partner to the UAE, noting that the Emirati and Turkish relations have seen unprecedented growth over the past year backed by the shared vision and determination of both country’s leaders.

“Our countries share robust economic relations which are particularly evident when we consider several key trade indicators,” he explained, clarifying that non-oil trade between the two countries witnessed unprecedented growth reaching $13.7 billion in 2021, a 54% increase from 2020 and an 86% increase compared to 2019.

“Turkey is the seventh largest trade partner to the UAE with a share of 3% of its non-oil foreign trade, while the UAE is amongst Turkey’s top 12 international trade partners,” he added. “We look forward to further developing our joint efforts in the months and years to come, in order to realize even higher levels of economic cooperation between Abu Dhabi and Turkey.”

The First Vice Chairman emphasized that the UAE has retained its #1 rank in the GCC, and #22 globally in attracting FDI as per the 2021 World Investment Report of the UNCTAD.

He stated that Abu Dhabi offers great opportunities for Turkish investors to leverage several of its intrinsic advantages, saying that the Emirate has become a strategic destination for foreign investors with diverse and promising investment opportunities.

“It (Abu Dhabi) enjoys an excellent geographic location linking the east with the west, backed by a resilient economy, making it a perfect gateway for investors keen on entering the markets of the GCC and the region. Abu Dhabi was ranked the #1 smart city in the region, and #42 globally, in IMD’s Smart City Index in 2020.  Additionally, Abu Dhabi has been ranked the safest city in the world and the happiest in the Arab Region,” he added.

Encouraging Investments

Dr. Al Dhaheri called on Turkish businesses to set up their operations in Abu Dhabi, to make use of the excellent infrastructure available, the preferential market access to the rest of the region, as well as the most recent legislative developments that allow full ownership of onshore companies across several commercial sectors.

For his part, Mr. Murat Özyeğin, said that the delegation is aware of the great regional potential to build important economic partnerships, noting that the positive course of relations between the two countries and the signing of 13 agreements during President Erdogan’s visit to the UAE in February, present a much brighter picture to both sides’ business world.

“We value a lot the building up of an institutional relation between Abu Dhabi Chamber of Commerce and TUSIAD in order to grasp bilateral as well as regional business opportunities together,” he added. “I hope and believe that the Memorandum of Understanding that we sign today will be a solid base for our cooperation and joint activities.”

B2B Matchmaking

The B2B meetings that followed the meeting gave businesses in Abu Dhabi and Turkey the opportunity to explore the potential of forming new partnerships and take advantage of the available business opportunities in both countries.