Economy

UAE counting on Turkiye to double its trade with world

Emirati minister: We are betting on Ankara to open new markets through its logistics network

Ahmed Hatem   | 13.01.2022
UAE counting on Turkiye to double its trade with world

ABU DHABI, United Arab Emirates

An Emirati minister said his country is seeking to double or triple trade with Turkiye, betting on it to link it with the world.

The United Arab Emirates (UAE) is “betting on Turkey as a country which is going to open up for us new markets through their logistics and through their supply chain," Minister of State for Foreign Trade Thani al-Zeyoudi said Wednesday in an interview with Bloomberg TV.

Al-Zeyoudi said the UAE is looking forward to benefiting from Turkiye's huge investments in the industrial sector, skilled labor and existing logistical network, especially with Africa.

The UAE is currently finalizing trade agreements with India and Israel, one of which is expected to be revealed in the next two months, according to the minister.

The oil-rich country has sought to consolidate its position as a global center for business and finance.

In 2021, the UAE announced plans to deepen trade relations in fast-growing economies in Asia and Africa, attracting $150 billion in foreign investment.

According to a report by the UAE Ministry of Economy, the total non-oil foreign trade with Turkiye​​​​​​​ during the last decade amounted to about 329 billion dirhams ($89.6 billion).

Non-oil trade between the two countries grew by 21% during 2020 to 32.7 billion dirhams ($8.9 billion), compared to 26.8 billion dirhams ($7.3 billion) in 2019, according to the report.

* Writing by Mahmoud Barakat



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