They signed a memorandum of understanding and cooperation in the field of space research and technology

UAE and Turkey discuss cooperation in energy, industry and advanced technology

The visit of the Emirati delegation establishes new and vital paths for cooperation and investment.

From the source

A delegation from the UAE, headed by the Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, concluded a visit to Turkey.

The visit comes as a continuation of the efforts of the two countries to enhance cooperation and partnership, and establish new and vital paths for cooperation and investment, especially in the energy, industry and advanced technology sectors, with the economic and industrial powers represented by the UAE and Turkey in the region and the world.

strong relationships

Dr. Sultan bin Ahmed Al Jaber stressed that the Emirati-Turkish relations are solid and witness a great development in all fields, to achieve common interests, in line with the leadership’s vision of building and documenting international partnerships to enhance economic and social development, develop bilateral relations with friendly countries, and advance them to broader strategic horizons. This was confirmed by the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, to Turkey at the end of 2021, and the visit of Turkish President Recep Tayyip Erdogan to the UAE last February, which resulted in the signing of agreements worth billions of dollars to invest in Turkey, in addition to a number of Lots of agreements and memoranda of understanding.

Al-Jaber called on Turkish companies to invest in the industrial sector in the UAE, and to take advantage of industrial investment opportunities in the fields of petrochemicals, minerals, pharmaceuticals, food, electrical and medical equipment, agriculture, clean energy, defense and aerospace industries, especially through the products that were launched. To invest locally in the "Make in the UAE" forum, recently, for more than 300 products worth 110 billion dirhams in 11 vital industrial sectors.

Al Jaber added: “The UAE is one of the leading countries in the field of conventional and clean energy, petrochemicals, minerals, defense industries, pharmaceuticals and food.

Cooperation with the Turkish side in the energy, industry and advanced technology sector reflects direct importance to the development of joint investments and their doubling in the coming period, while Emirati institutions are looking to invest in Turkey in the fields of energy development, gas, renewable energy, infrastructure, agriculture, food, medicine, and health care. Logistics, banking and digital communications.

Economic Partnership

For his part, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, pointed to work on negotiations to sign the comprehensive economic partnership agreement with Turkey, which will bring qualitative opportunities to enhance bilateral trade and the movement of investments between the two countries, noting that the visit accelerates the pace of joint investments with the two sides. In light of the continuous momentum and growth in Emirati-Turkish relations, and the constructive partnership they record, that achieves common interests, enhances coordination, doubles the volume of non-oil trade between the two countries, stimulates mutual investments, and advances economic relations to a more comprehensive level.

He pointed out that the economic relations between the UAE and Turkey are rooted, as the volume of non-oil trade between the two countries 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 has more than 3% of the UAE's non-oil foreign trade volume, and it ranks seventh for its largest trading partner.

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 stressed that the UAE's announcement of a $10 billion investment fund to invest in Turkey, and the signing of 72 bilateral agreements, is evidence of the positive acceleration in these relations, an acceleration whose positive effects we will see at various levels.

space cooperation

In the same context, Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology, confirmed that the signing of the memorandum of understanding between the Emirates Space Agency and the Turkish Space Agency comes at the heart of the UAE's efforts to build bridges of cooperation for space exploration, as the agreement includes cooperation in the field of research space technology, and joint studies on suborbital flights and satellite systems.

“Make in the UAE” and “Invest in Turkey”

The Emirati and Turkish sides held a joint workshop, which dealt with ways to invest in the UAE and Turkey, and the advantages that each country offers to investors.

The Emirati delegation provided a detailed explanation of the advantages of industrial investment in the UAE, through the "Make in the UAE" initiative, the capabilities that the UAE provides to investors, financing solutions, energy options, the attractive environment for advanced industries, and legislation that facilitates investments.

For its part, the Turkish side provided a detailed explanation about the opportunities and advantages of investing in Turkey, through the "Invest in Turkey" initiative.

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