UAE and Turkey to boost bilateral trade and economic cooperation
- 11 Oct 2024
Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded its trade mission to Serbia and Turkey as part of the ‘New Horizons’ initiative. The chamber signed seven Memorandums of Understanding (MoUs) in Turkey and arranged 243 bilateral business meetings in Istanbul between companies from Dubai and Turkey to explore opportunities for business growth and economic partnerships in both markets.
In line with its goal of strengthening cooperation, promoting bilateral trade and investments, and building constructive partnerships, Dubai Chambers signed MoUs with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), the Independent Industrialists and Businessmen Association (MUSIAD), the Foreign Economic Relations Board of Turkey (DEİK), Istanbul Chamber of Commerce (ICOC),
Ankara Chamber of Commerce, Ankara Chamber of Industry, and the Turkish Industry and Business Association (TÜSİAD).
The agreements pave the way for more opportunities for cooperation between Dubai-based companies and their Turkish counterparts to drive collaboration in promising sectors.
The organisations will collaborate to arrange trade missions, conferences, and business events, as well as engage in the mutually beneficial sharing of knowledge and expertise to support growth and innovation. The MoUs also encompass the exchange of information, consultations, and opportunities for bilateral cooperation in the fields of business and investment policies.
The value of non-oil trade between Dubai and Türkiye achieved year-over-year growth of 106.9 per cent in 2023, increasing from Dhs61.1 billion to Dhs126.4 billion. The number of Turkish companies registered as active members of Dubai Chamber of Commerce stood at 3,258 at the end of H1, 2024, 625 of which joined during the first six months of the year. This represents an increase of 33 per cent compared to 470 new companies that joined during H1 2023.
The mission’s activities in Istanbul included a special business forum titled ‘Doing Business with Turkey,’ which was organised by Dubai International Chamber in cooperation with the UAE Consulate in Istanbul together with the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Istanbul Chamber of Commerce (ICOC), and the Independent Industrialists and Businessmen Association (MUSIAD). The forum featured speeches by Mustafa Tuzcu, Deputy Minister of Trade of the Republic of Turkey, Saeed Saqer AlMheiri, Consul General of the United Arab Emirates in Istanbul, and Ali Kopuz, Vice President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
The event attracted 254 participants including senior officials, business leaders, and local companies interested in exploring potential partnerships with members of the chamber’s delegation.
