Turkey and the UAE are planning to increase economic cooperation in the years to come, according to a press release issued after a meeting held by in Ankara by the UAE ministry of economy and the Turkish deputy prime ministry. The two countries are also expected to increase trade relations in the near future. Our company formation agents in Turkey can assist all foreign investors interested in investing in this country.
Both Turkish and UAE representatives have pledged to increase the number of investments in the other country, as a result if the meeting held last month. This was the 9th Joint Economic Committee meeting between Turkey and the UAE which proved to be very successful. For the moment, the two countries representatives agreed on the fact that an expansion of mutual investment volumes is beneficial for both countries, especially in the banking and Islamic financing industries. The agriculture industry is also targeted by the two countries, the halal food sector being the targeted one. Considering both countries are in line with the standards of the Organization for Islamic Cooperation, it will be easy for them to work together. For Turkey, most of all, it will be an important step given the number of tourists seeking to taste the local cuisine.
Foreign investors who want to open restaurants, can receive guidance from our company registration consultants in Turkey.
2016 was a good year for both Turkey and the UAE in terms of trading volumes, as cooperation between the two countries in this industry has risen by 36%. Once more, for Turkey this is a good result, as its global trading volume rose by 1.7% last year. Turkey’s exports to the UAE were worth 5.4 billion USD.
The number of UAE investors in Turkey also increased last year, and the Turkish deputy prime minister renewed his invitation to foreign enterprisers to come and invest here. Turkey is currently developing new privatization projects in the electricity, mining, maritime and processing sectors.
The meeting concluded with a promise for a free trade agreement between Turkey and the UAE to be discussed. You can contact our Turkish company formation representatives for information on the current conventions the country has with the UAE.