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UAE and Turkey will sign new agreements during President Erdogan’s next visit, Turkish parliament speaker says




Abu Dhabi: The UAE and Turkey are expected to sign new agreements and renew previous commitments during Turkish President Recep Tayyip Erdogan’s upcoming visit to the UAE next month, a senior Turkish official has said.

The visit of our Presidents to the United Arab Emirates is currently confirmed and preparations are underway. This will testify to the improving ties between our countries, Mustafa Sentop, Speaker of the Grand National Assembly of Turkey, told the Emirates News Agency (WAM) in an exclusive interview today.

We believe that the leaders of Turkey and the United Arab Emirates, side by side, will alone deliver an important message. The aim is to further strengthen bilateral relations. There are mutual efforts to conclude new agreements and to renew previous commitments to cover a wider range of our current cooperation, he added, without specifying the potential agreements to be signed.

$10 billion investment fund

The Speaker of the Turkish Parliament met Thursday in Abu Dhabi Saqr Ghobash, Chairman of the Federal National Council (FNC). They discussed the development of parliamentary relations between the two countries.

Sentops’ visit comes two months after His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, met Erdogan in Ankara. During the visit, the UAE announced the establishment of a $10 billion (36.78 billion dirhams) investment fund in Turkey.

Sheikh Mohamed bin Zayed’s visit to Turkey was an important step in taking our relationship to a new level. Cooperation agreements have been signed on important issues, Sentop said. Our goal is to [strengthen] cooperation between Turkey and the United Arab Emirates in the areas of climate change, energy, water and food security, as well as health, agriculture, logistics, infrastructure, finance and tourism. I believe both sides are ready to set new goals for new investment and cooperation.

Prosperity and stability of the region

Turkey attaches great importance to cooperation with the UAE. We believe that strengthening our relationship will not only contribute to our mutual interests, but also to the prosperity and stability of our region. I believe that our counterparts in the United Arab Emirates share the same view in terms of joint contribution to regional stability and peace.

The UAE is Turkey’s largest trading partner among the Gulf Cooperation Council (GCC) countries. Bilateral trade between the two countries in 2020 had reached $8 billion. The Turkish official said trade in the first ten months of 2021 amounted to $6.4 billion. The UAE is also a major investor in Turkey and ranks second among GCC countries, he explained, adding that the country has significant investments in tourism, banking as well as ports and trade. retail business.

In an interview with Bloomberg last week, UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi said the UAE was looking to double or triple its trade volume with Turkey by capitalizing on its logistical links with the rest of the world.

Reflect our potential

Sentop believes that the current bilateral trade volume is still far from reflecting our potential. However, he disclosed that to date, Turkish entrepreneurs have undertaken 141 projects worth $13 billion in the UAE, adding, “Our companies have been investing and being part of the UAE market for more than ten years. Turkish investments [in the UAE] amount to $720 million.

In the coming years, we want to increase our share of investment in the UAE in the areas of logistics, finance, renewable energy and infrastructure.

The latest agreement between the two countries was signed last. The Turkish and Emirati central banks had concluded a swap agreement for nearly $5 billion in local currencies. We believe that [with] the visit of the Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed, to Turkey, as well as the visit of President Recep Tayyip Erdogan to the United Arab Emirates, scheduled for February, the positive momentum in relations between our countries will be high and our economic relations will further develop, said the Speaker of the Turkish Parliament.

Thanks to the agreements reached during these visits, I believe that mutual investments between our countries will rapidly increase in the coming period.




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