Türkiye-UAE trade volume this year to hit $15 bln - minister

The annual trade volume between Türkiye and the United Arab Emirates (UAE) will reach $15 billion at the end of this year and $25 billion soon after than, the Turkish trade minister said on Tuesday.

Speaking at the Türkiye-UAE Joint Economic and Trade Committee (JETCO) 1st Term Meeting in Istanbul, Ömer Bolat said a comprehensive economic cooperation agreement signed this September will provide an extra boost to bilateral trade.

The UAE is one of Türkiye's most important trade partners, he said, adding that bilateral relations in recent years improved thanks to governments and leaders' efforts.

The two countries' trade volume was at $10 billion in 2022, he said, while the volume in the first three quarters of 2023 already topped $14 billion.

He noted that Emirati companies' investments totaled $3.4 billion in Türkiye while Turkish firms made investments in the UAE worth $350 million.

"Our country attracts investments from the UAE in the fields of renewable energy, water and food safety, health, tourism, transport, infrastructure and finance sectors," he stressed.

During Turkish President Recep Tayyip Erdoğan's official visit to the UAE this July, 13 agreements covering investments worth $50.7 billion were signed, he said.

"It is envisaged that $27 billion of this investment package will include investments in the renewable energy sector," he added.

Thani bin Ahmed Al Zeyoudi, the Emirati trade minister, said in the last two years, the countries' relations have made remarkable progress.

Al Zeyoudi said this July Erdogan and President Sheikh Mohamed bin Zayed Al Nahyan stressed the importance of economic relations.

The parties are thinking of opening new horizons, and new economic and commercial opportunities between the two countries will be explored, he underlined.