Türkiye aims to carry relations with the United Arab Emirates (UAE), which are at the level of strategic partnership, further by cooperating in all areas, especially in the service sector and investments, a top official said Monday during a visit to the Gulf country.
The UAE and Turkish officials have convened the second session of the Joint Economic and Trade Commission (JETCO) in Abu Dhabi.
On the occasion, Trade Minister Ömer Bolat held bilateral and delegation meetings with Thani Ahmed Al Zeyoudi, the UAE minister of state for foreign trade, he said in a post on the social media platform X.
The minister recalled that with the contribution of the Comprehensive Economic Partnership Agreement (CEPA), which entered into force on Sept. 1, 2023, they aim to increase the trade volume between the two countries to $40 billion within five years.
The JETCO session meeting marked a continuation of the positive momentum observed in the commercial ties between the nations, particularly since 2023.
"As Türkiye, we wish to carry our relations with the UAE, which are at the level of strategic partnership, further by cooperating in all areas, especially in the service sector and investments, and by working together on contracting and infrastructure projects in third countries," Bolat said on X.
"During the meetings, we reiterated our belief that the contribution of our public and private sector representatives will carry our gradually developing economic and trade relations with the UAE even further, and we agreed to increase mutual investments and increase bilateral trade volume in a balanced manner," he added.
The minister also attended a meeting with businesspeople, stating that they discussed "the steps that can be taken to strengthen our companies' participation in joint projects and partnerships and new areas of cooperation, especially cooperation in third countries."
"We continue to work with determination to increase our bilateral trade volume and mutual investments," said Bolat.
At the same time, he also addressed the 14th AIM Congress, a major investment gathering where he delivered an opening speech at the panel titled “Foreign Direct Investment as a Catalyst for Global Unity.”
"In my speech, I emphasized that despite challenging global economic conditions such as disruptions in supply chains, logistical difficulties and geopolitical risks, investment opportunities continue to thrive on the basis of fair competition and mutual benefit, and in this regard, regional and global cooperation remains crucial. I also highlighted that, thanks to its strong investment environment offering highly favorable opportunities to investors, our country has successfully attracted $275 billion in foreign investments over the past 20 years," he said in a separate post.
"The UAE and Türkiye have deep ties, with Türkiye now the UAE’s fourth largest non-oil trade partner. In my meeting with Ömer Bolat at the Joint Economic and Trade Committee, we discussed how we can open new avenues of collaboration in high-growth sectors," Al Zeyoudi said on X.
The UAE emerged as a major investor in Türkiye in recent years, being involved in areas from infrastructure, finance and banking while also displaying interest in Ankara's growing defense industry.
At the same time, Türkiye has also boosted its exports to the country, with the Emirati being one of the top markets for shipment expansion in the first months of this year compared to the same period in 2024.
The bilateral investment flows are expected to grow further on the back of direct contacts and driven by CEPA.
