UAE-Turkey 2012 trade surpasses 2011 total

UAE economy expected to grow by 4% in 2013 compared to 3% in 2012

NEWS, Business, Trade, Turkey, Uae

Trade between the UAE and Turkey amounted to AED33.3bn ($9.1bn) in the first eight months of 2012, tripling the UAE’s exports to the country in the previous year, reports Gulf News.

Shaikha Lubna Al Qasimi, minister of foreign trade revealed the figures at the Abu Dhabi–Turkey Business Forum in Abu Dhabi, noting that the UAE economy is expected to grow by 4% this year compared to 3% in 2012.

Al Qasimi pointed out that the UAE has started to focus in its investments on countries in Africa and central Asia, whose economies are booming.

Khalfan Al Kaabi, First Vice Chairman of Abu Dhabi Chamber of Commerce and Industry, called on enhancing economic and trade relations between the companies and establishments in the emirate of Abu Dhabi with their Turkish counterparts.

“We seek to further boost our investments in Turkey and to enhance business with our Turkish counterparts in various fields,” said Al Kaabi.

The sentiment was backed up by Mustafa Cikrikcioglu, chairman of the Turkish Exporters Assembly. “UAE imports goods worth $3.2bn, mainly machines, equipment and food products, and we imported commodities, mainly oil products, worth $8.2bn,” he said.

“Trade exchanges between the UAE and Turkey increased by 288 per cent last year. Our exports to UAE included gold, carpets, food products, heavy industries as well as construction materials.”

He added that UAE investments in Turkey are increasing and that there are currently 13 UAE companies that have large investments in energy, heavy industries and infrastructure in Turkey.

Abdul Salam Al Ali, director of the UAE’s Department of Foreign Trade Policies, said earlier that the UAE is the second biggest trade partner for Turkey in the Middle East region after Iraq. Bilateral relations between the UAE and Turkey have growing steadily in recent times.

In January 2013, the two countries signed an agreement to invest in a $12bn power project in Turkey’s Afsin-Elbistan region. Abu Dhabi-based Taqa and Turkey’s state-owned Electricity Generation Company (Euas) will acquire, modernise and expand the existing 1,400 MW Plant B and develop several new power plants and associated coal mines in southern Turkey to provide 8000 megawatts of power. The project is estimated to be completed in 2021.

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