UAE and Turkey Agree on Cooperative Mechanisms for 13 Priority Sectors at 9th Joint Economic Committee Ministerial Meeting
The 9th Ministerial meeting of the Joint Economic Committee between the UAE and Turkey was held yesterday (Tuesday, February 7, 2017) in the Turkish funding of Ankara. The session was chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, and H.E. Mehmet imek, Deputy Prime Minister of Turkey.
Additionally present were Eng. Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary for Economic Matters of the UAE Ministry of Economy; Khalifa Shaheen Al Marar, UAE Ambassador to the Republic of Turkey; Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs of the UAE Ministry of Economy; H.E. Hamad Bouamim, Director General of the Dubai Chamber of Commerce and Industry (DCCI); H.E. Marwan Al Serkal, Chief Executive Officer of the Sharjah Financial investment and Development Authority ('Shurooq'); H.E. Abdullah Al Maeeni, Director General of the Emirates Authority for Standardization and Width; and H.E. Fahad Al Obeid Al Tafaq, Director of the Economic Affairs and International Participation Division at the Ministry of Foreign Affairs and International Teamwork.
The two sides agreed to reinforce cooperation in 13 vital industries, particularly financial investment, finance and banking, trade, tiny and medium-sized enterprises, innovation, civil aviation, renewable resource, telecoms and information technology, transportation, agriculture, livestock, food, health, education, and tourism.
Two sides also settled on the should establish joint initiatives for boosting bilateral trade. They went over ways to collaboratively boost accessibility to the GCC and West and Main Asian markets. They also committed to strengthening ties between their business neighborhoods and chambers of business and industry and raising trade participation in between their economic sectors.
H.E. Eng. Al Mansoori claimed that UAE-Turkish relations have actually traditionally been based on good understanding and respect for shared rate of interests, as well as the common wish to strengthen bilateral collaboration, particularly at the economic and commercial degrees.
He added that the strong financial ties between the two countries is shown in the UAE's being Turkey's leading trading partner in the region. Turkey, on the various other hand, is the 6th biggest importer from the UAE. Their complete volume of bilateral non-oil trade surpassed USD 9.1 billion in 2016, mutual financial investments focused on a number of vital markets - most significantly tourist and hospitality, food, energy, and telecoms and information technology.
The Minister further noted the rewards and benefits used by the UAE's business setting and upcoming chances, specifically the country's holding of major global occasions leading of which is Exposition 2020. H.E. Eng. Al Mansoori called on Turkish companies and financiers to take advantage of offered investments in the UAE. He likewise reviewed the actions taken by the UAE to cultivate a leading business environment, reinforce local competition, and create an encouraging and stimulating environment for innovation matching the ambitious vision of promoting a diversified knowledge- and innovation-based economic situation.
H.E. Eng. Al Mansoori likewise highlighted the significance of participation in reducing and getting over challenges and obstacles to the entrance and activity of capitalists in their respective markets. He noted the critical function played by the economic sector in consolidating the capacities of their economic and trade connections. He also motivated even more visits in between both countries at the government and economic sector degrees to constantly highlight opportunities and ways to benefit from them.
For his part, H.E. imek emphasized the value of the Joint Economic Committee's meeting and the availability of several opportunities for their countries to strengthen economic and trade teamwork in a variety of priority locations. He added that the two countries are well-positioned to additional increase their financial connections.
H.E. imek shared a variety of suggested tasks under the privatization program being applied by the Turkish Government entailing areas such as mining, power generation, sugar processing and port management. He noted that these stand for chances for strengthening the visibility of UAE financial investments in the Turkish market, specifically in light of the vast experiences of UAE firms in these fields.
Ambassador Al Marar stated that the current session of the Joint Economic Board reaffirms the outstanding relationships in between both countries, which he verified were made more powerful after the check out of H.H. Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, Minister of Foreign Affairs and International Collaboration, to the Turkish Republic last October.
The Ambassador described that the two sides are totally dedicated to improving economic connections in numerous areas and reviewed the existing chances for the UAE and the Republic of Turkey to make use of their unique locations and facilities to raise their presence in the regional and international markets. He noted that their nations both identify the important role of the economic sector in their respective markets.
