May 28, 2024

UAE participates in Gulf-Türkiye Economic Forum to promote economic & trade relations

Representing the UAE, H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, participated in a session titled “Trade and Investment Relations between the GCC Countries and Türkiye” at the Gulf-Türkiye Economic Forum, which took place in Istanbul recently.

The session was attended by H.E. Jassim Mohammed Al Budaiwi, GCC Secretary General, and the ministers of economy, trade and investment of the GCC countries and Türkiye. The session discussed key topics including mechanisms for enhancing trade exchanges between the GCC countries and Türkiye, the importance of creating sustainable economic and trade partnerships, facilitation of export and import procedures for goods and products and encouraging GCC and Turkish private sector to benefit from the potential and opportunities offered by both markets.

H.E. Al Saleh confirmed that the trade and investment exchanges between the GCC and Türkiye are witnessing continued growth under the guidance of their visionary leaderships.

The Undersecretary said: “The GCC countries enjoy a strategic geographic location that represents an important trade gateway for Turkish companies seeking to access the Asian and African markets. On the other hand, Türkiye serves as a key trade gateway for companies, exporters, and importers from the GCC countries to European markets. Therefore, we remain committed to enhancing and developing economic cooperation in a way that contributes to further promoting global trade movement and facilitating trade flows.”

He added: “The forum is a key platform to explore promising opportunities in the Gulf and Turkish markets, enhance cooperation and exchange expertise in various new economic sectors such as Islamic finance, defense, infrastructure, agriculture, green economy, food security, space, renewable energy, smart cities, and ports, in addition to projects that support climate action.” H.E. Al Saleh highlighted the importance of supporting circular economy development policies and encouraging government and private institutions and companies to invest in sustainable development, contributing to carbon emissions reduction and supporting climate neutrality.

H.E. also invited the Turkish business community to benefit from the advantages of the UAE’s new economic model and the incentives provided by the country’s business environment. These include extensive legislative amendments, most notably amendments to the Commercial Companies Law to allow 100 per cent foreign ownership, revamped visa and residency systems, introduction of freelance and green residency pathways to attract talent and entrepreneurial projects, enhancing green transformation policies, and encouraging the private sector to expand in circular economy sectors.

Gulf- Türkiye Economic Forum 2023 also witnessed extensive participation from businessmen and investors from both sides. The forum aims to enhance economic cooperation in trade, investment, finance, energy, infrastructure, industry, transportation, logistics services, tourism, agriculture, and food.

Last Updated on 3 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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