The volume of bilateral goods exchange between Türkiye and the United Arab Emirates (UAE) is set to reach $15 billion by the end of the year, much earlier than the two states expected, according to senior official on Tuesday.
"While we welcomed the $10 billion trade volume we reached between the two countries last year, we have exceeded $14 billion in the first nine months of this year," Trade Minister Ömer Bolat said.
"Hopefully, we will have achieved at least $15 billion as of the end of the year," Bolat told the Türkiye-UAE Joint Economic and Trade Committee (JETCO) 1st Term Meeting in Istanbul. The two countries' trade volume was at $10 billion in 2022, he said.
The momentum stems mainly from the comprehensive economic cooperation agreement that entered into force this September, providing an extra boost that is expected to eventually help the bilateral trade reach $25 billion in the near future, said Bolat.
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.
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," Bolat stressed.
Türkiye and the UAE signed 13 agreements covering investments worth $50.7 billion during President Recep Tayyip Erdoğan's visit in mid-July as part of his Gulf trip, which also included stops in Saudi Arabia and Qatar.
"It is envisaged that $27 billion of this investment package will include investments in the renewable energy sector," Bolat said.
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 Erdoğan and President Sheikh Mohamed bin Zayed Al Nahyan (MBZ) 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.
Since 2021, when Ankara launched a diplomatic effort to repair ties with Saudi Arabia and the UAE, investments and funding from the Gulf helped boost Türkiye’s foreign reserves and stabilize the Turkish lira.
Türkiye’s government hopes that new policy steps and regulations will attract investment and fund flows.
Ankara has secured some $28 billion in foreign currency swap deals in recent years, including from the UAE. Last year, Abu Dhabi’s International Holding Co. acquired via a subsidiary a 50% stake in Türkiye’s Kalyon Enerji for $490 million.
Erdoğan has said his new economy team accelerated efforts to increase foreign direct investment (FDI) inflows after he secured another five-year term in the May elections.