The UAE and Costa Rica sign a memorandum of understanding to increase tourism exchange and stimulate the flow of investments

50.4 billion dirhams of non-oil intra-regional trade between the UAE and Turkey in 2021

Al-Zeyoudi and the Costa Rican Minister during the signing of the Memorandum of Understanding.

From the source

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zyoudi, met with a delegation from the Turkish Industry and Business Association (TUSIAD), and the two sides discussed aspects of bilateral cooperation in the joint economic and commercial fields, and frameworks for strengthening economic partnerships between the business communities in the two countries.

new stage

Al Zeyoudi said: "The Emirati-Turkish relations are witnessing an important momentum in various fields of common interest, especially after the visit of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Turkey at the end of 2021, and the visit of the Turkish President Recep Tayyip Erdogan, to the UAE last February, and the two visits resulted in the signing of about 72 agreements and memoranda of understanding, which established a new pivotal stage in the history of joint relations between the two countries, based on friendship, cooperation and mutual respect for the interests of the two countries, and achieved progress and prosperity for their peoples.

Trade and Investments

Al Zeyoudi added: “The volume of non-oil trade between the UAE and Turkey amounted to about 50.4 billion dirhams during 2021, achieving a growth of 54%, compared to 2020, and an increase of 86%, compared to 2019, while Turkey accounts for more than 3% of the volume of foreign trade. The non-oil state of the United Arab Emirates.

He pointed out that the volume of Emirati investments in Turkey amounted to more than 18.3 billion dirhams at the end of 2020, while the value of Turkish investments in the UAE amounted to 1.1 billion dirhams at the end of 2019.

He pointed out that these data constitute a solid ground on which to build on to accelerate the pace of joint investments between the two countries, in addition to expanding and diversifying economic partnerships with the Turkish side, especially in the areas of: tourism and hospitality, information and communication technology, renewable energy, food industries, modern agricultural technologies and security. Food, healthcare, transportation and logistics, which serve the transition to a more resilient and sustainable economy.

Emirati experience

Al Zeyoudi reviewed the UAE's pioneering experience in developing its economic model, to be more flexible, sustainable and open to world markets, and highlighted the "50 strategic projects" launched by the country at the end of last year, to enhance its internal and external growth, and to consolidate its position at the heart of the global economy.

He also briefed the Turkish business community, represented by the "TOSIAD" association, on the new and integrated incentives offered by the business environment in the country, in light of the qualitative legislative developments of the economic environment and investment policies, including allowing free and full foreign ownership of projects and investments by 100% in all sectors, except for a limited number. One of the activities of strategic impact, which makes the country's markets an ideal destination for trade and investment activities for global partners, including Turkish companies, and an active gateway for Turkish exports to enter the markets of the region, Asia and Africa.

UAE and Costa Rica

In another context, the Ministry of Economy signed a memorandum of understanding with the Institute of Tourism in Costa Rica, with the aim of developing mechanisms for joint cooperation in the tourism sector, and strengthening bilateral action to increase tourism movement between the two countries.

The memorandum was signed by the UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, while it was signed by the Costa Rican Minister of Foreign Affairs and Worship, Rodolfo Solano.

Al Zeyoudi said, "The UAE is keen to strengthen its partnership with the promising markets in Latin America at all levels," pointing out that Costa Rica is an important destination in the Central American region.

He added, "The agreement will contribute to strengthening the UAE's position as an attractive destination for tourists from Costa Rica and the Central American region, and supports the objectives of the national strategy for tourism development in light of the (Fifty Principles), and the country's future goals of enhancing the contribution of the tourism sector to the gross domestic product to 15%, and attracting More than 40 million tourists will come to the country by 2030.

For his part, Minister of Foreign Affairs and Worship, Rodolfo Solano, said, "Costa Rica is interested in strengthening joint cooperation relations with the UAE and diversifying the existing economic partnerships between the two countries during the coming period. It also looks forward to benefiting from the UAE's distinguished geographical location and its vital strategic position in reaching To new tourist markets in the Gulf Cooperation Council countries, the Middle East and Africa, as well as the promotion of tourist destinations and destinations in Costa Rica.

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