Ajman-Turkey forum highlights trade, investment opportunities

The Ajman Chamber of Commerce and Industry (ACCI) organised the Ajman-Turkiye Business Forum, with the aim of discussing opportunities to expand the volume of trade and joint investment, and provide an interactive platform for exchanging experiences, expanding business networks, developing strategic partnerships, and leveraging the promising opportunities and capabilities available in both Ajman and Türkiye.

The forum was attended by Salem Al Suwaidi, Director-General of the Ajman Chamber, Mohamed Ali Al Janahi, Executive Director of the Trade Development and International Relations Sector, Jamila Kajoor, Director of the Promotion and International Relations Department, and Khaled Al Shamsi, Director of the Economic Studies Department at the Ajman Chamber at the Ajman Saray Hotel.

The Turkish business delegation was headed by Omer Gulsoy, Chairman of the Board of Directors of the Kayseri Chamber of Commerce in Türkiye, and the delegation included members of the Board of Directors of the Kayseri Chamber. A group of investors and owners of companies and factories operating in the field of furniture and furnishings from Türkiye and Ajman attended the forum, with the participation of the Department of Economic Development, the Ajman Free Zone and the Department of Tourism Development in Ajman. The Forum started with a speech by Salem Al Suwaidi, during which he stressed the importance of the Forum and its role in enhancing communication and exchanging experiences, knowledge and available investment opportunities, especially in the furniture and furnishings sector. He praised the growth and prosperity of the furniture and furnishings industry in Ajman and Türkiye, which will open broad prospects for current and future cooperation.

Al Suwaidi stated that the Ajman Chamber seeks to diversify the agenda of its forums in order to provide a proactive and sustainable platform that provides a participatory approach to develop constructive recommendations and develop a renewed global economic relations network that supports expansion opportunities, business development and promotion of Ajman as an ideal destination for investment.

Al Suwaidi noted that the relations between the UAE and Türkiye are witnessing exceptional growth at the economic level, especially after the signing of the comprehensive economic partnership agreement (CEPA) between the UAE and Türkiye in the first quarter of the current year, in light of the increased value of non-oil trade exchange between the UAE and Türkiye, which reached Dhs69.58 billion by the end of the year 2022, compared to Dhs49.5 billion in 2021.

“Ajman has also strong economic relations with the Turkish side, so the volume of trade between the two parties increased in 2022 by 7 per cent compared to 2021. In addition, the number of Turkish members of the Ajman Chamber increased by 18 per cent during the last year.” For his part, Omer Gulsoy, Chairman of the Board of Directors of the Kayseri Chamber in Türkiye, presented a geographical and historical overview of the city of Kayseri and the most prominent economic sectors. He highlighted the keenness of the Kayseri Chamber to consolidate economic relations with the UAE chambers of commerce and increase the volume of intra-trade.

At the end of the Forum, a set of bilateral meetings were held between business owners and investors from both countries.

In March this year,  The UAE and Türkiye signed the Comprehensive Economic Partnership Agreement to boost the economic relations between the two countries.

The ministers of economy and trade in the UAE and Türkiye said that the signing of the UAE-Turkish Comprehensive Economic Partnership Agreement heralds a new era of strategic partnership between the two countries that will reflect positively on the Middle East region and the global trade movement in general.

 Abdullah bin Touq Al Marri, Minister of Economy stated that the signing of the Comprehensive Economic Partnership Agreement between the UAE and Türkiye paves the way for the establishment of a new platform for regional progress and prosperity at a critical juncture in the global economy.

“The two countries share keen desire to work together to launch a new path of joint growth and mutual opportunities,” he said, noting that the efforts made by the two sides have begun to achieve real economic integration that serves their aspirations and opportunities.”

“Under the Comprehensive Economic Partnership Agreement customs duties on more than 93% of the value of non-oil intra-trade will be canceled or reduced, enhancing chances for bilateral trade between the two countries to reach $40 billion over the next five years, up from about $19 billion currently,” he added.

For his part, Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the signing of the Comprehensive Economic Partnership Agreement with Türkiye is the culmination of diplomatic relations spanning over 50 years and the continuation of the momentum of their economic cooperation and trade growth.