In an exclusive interview with Anadolu Agency, Abdulla Bin Touq Al Marri, Minister of Economy of UAE said his country seeks to boost political and economic ties with Turkiye, focusing on investment.
Speaking to Anadolu Agency on the visit of Turkiye’s President Recep Tayyip Erdogan to the UAE on Monday, Abdulla Bin Touq Al Marri said the country looks forward to strengthening trade exchange and joint cooperation in new economic sectors.
Anadolu Agency: What shall we expect from Erdogan’s visit to UAE from an economy perspective?
Minister Al-Marri: The economic relations between the UAE and Turkiye are strong and well-established, and they have continued to develop despite the various changes that the region and the world have witnessed. The UAE today is Turkiye’s number one trading partner in the Arab region, and the development witnessed by the two countries’ relations during the past few months is historic, as represented by the visit of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, to Turkiye last November, and the visit of Turkish President Erdogan to the UAE today. The exchange of visits by the senior leadership of the two countries is a clear indication of the significant outcomes that we can expect as a result of the two countries’ partnership during the next stage. We expect the economic cooperation with Turkey to cover all areas that serve common interests and achieve mutual benefit during the next stage. There is no doubt that the visit of Erdogan will give a strong impetus to accelerating the pace of cooperation between the two countries at both the public and private sector levels.
Q: Will there be any agreements on economy signed? Can you give us specific details on them?
Al-Marri: During the visit, UAE and Turkish officials will sign a joint ministerial statement on the intent to pursue a Comprehensive Economic Partnership Agreement (CEPA) to expand two-way trade in goods and services, thereby strengthening the mutually beneficial economic and investment partnership. Signing the UAET-CEPA is expected to serve as a platform for a modern and dynamic economic partnership that reflects the mutual understanding between Turkiye and the UAE, providing a wide array of social and economic benefits while improving living standards in both countries. In addition, more than ten agreements and a Memorandum of Understandings (MoUs) will be signed on cooperation in the fields of health and life sciences, advanced industries, land and maritime transport, agriculture, cultural exchange, youth empowerment, and information and communications technology, among others. While further details will be revealed in due course, the agreements and MoUs in question serve to advance the modern and dynamic economic partnership between the UAE and Turkiye while expanding avenues for political and diplomatic cooperation in the coming period.
Q: On the 50th anniversary of the country’s establishment, the UAE administration announced 50 strategic investment projects worth more than 150 billion dollars in the coming years. In this context, shall we expect big investment plans between the two countries, such as the land corridor between the UAE and Turkey?
Al-Marri: The UAE is one of the top 15 investors in Turkiye, with a total Foreign Direct Investment (FDI) of $5 billion as of 2020. At the same time, Turkish investments in the UAE reached $310 million in 2019. During the high-level visit of Abu Dhabi Crown Prince bin Zayed to Turkey in November last year, 10 agreements were signed in the fields of energy, finance and trade. Furthermore, the UAE established a $10 billion fund to support strategic investments in Turkiye’s health and energy fields. Both countries are keen to expand trade and economic exchange in the coming period with a focus on investment opportunities. Overall, the UAE is interested in exploring the prospects of reinforcing ties in a way that serves the prosperity and common interests of our two countries and peoples. To mark the nation’s Golden Jubilee and pave the way for the next 50 years, the UAE launched a new round of national strategic projects called ‘Projects of the 50,’ ushering in a new era of domestic and international growth. The projects aim to boost the UAE’s economic competitiveness to attract $150 billion in foreign direct investment in the next nine years across key sectors, including digital economy, entrepreneurship, advanced skills, space, and advanced technologies.
The first set of projects include new and amended visa schemes to reinforce the UAE’s status as an ideal destination for work, investment, entrepreneurship, education and life; global economic partnership. We are currently working to establish comprehensive economic agreements with eight strategic global markets to achieve an $11 billion annual growth to the UAE’s current $70 billion trade volume with these markets. And Turkiye is one of them; The 10×10 program, which aims to achieve an annual increase in the country’s exports by 10% in 10 key markets; Invest.ae, an online portal to serve as an umbrella for all investment-related local entities and 14 state economic entities & present all investment opportunities across the UAE; ‘Investopia’ Summit, which will connect investment funds with the public and private sectors to create investment opportunities that will attract $150 billion in FDI over the next nine years. As you can imagine, the current pace of economic activity and investments are creating unprecedented opportunities in both of our markets, and there are opportunities for increased partnership in these areas to benefit both our countries.
Q: Turkiye named as ‘rising star of defense industry’ by many observers. Do you see any perspective of cooperation in the defense industry between Turkiye and the UAE?
Al-Marri: The defense industry is among the most competitive industries in the UAE, and Emirati companies have proven their superiority in the region in this vital field. This sector is a basic pillar of the country both at the strategic and economic levels, as it is a main contributor to the national economy. It is also one of the most important sectors that stimulate innovation R&D and adopt Fourth Industrial Revolution technologies, including artificial intelligence, to promote economic growth and ensure its diversity and its sustainability. The space and defense industries are also part of the country’s future vision and its new economic model for the next 50 years, which is based on knowledge and innovation. From this standpoint, the UAE considers the development of its economic cooperation with various friendly partner countries in the fields of defense and space as an integral aspect of its development strategy and vision for the future. I believe that this is a vision shared by both the UAE and Turkiye, and the UAE is keen to expand its partnership with Turkey in various vital fields in addition to the defense sector.
Q: There is an aspiration for improved economic and commercial relations between Turkiye and UAE. In your opinion, how will this affect the prosperity of the region?
Al-Marri: The UAE seeks to strengthen its relations with Turkiye both politically and economically, with a focus on investment. Through this visit and the momentum that will result from it, the UAE looks forward to strengthening trade exchange and joint cooperation in new economic sectors that will benefit both countries’ economies and the wider region. The total value of non-oil trade between the UAE and Turkiye reached $13.7 billion in 2021, a 54% increase from 2020 and an 86% increase from 2019. In light of major global changes, it has become important to build a greater regional consensus that guarantees peace and stability and benefits the region’s countries. The region cannot tolerate more polarization and confrontation, and the coming decades require more communication, integration, and cooperation in the political, economic, technological, health, and food security fields in particular. Ultimately, the UAE believes in the necessity of communication and dialogue to enhance confidence in a way that bridges multiple points of view on issues of concern. We also wholly believe that enhancing mutual understanding will positively affect the entire region in strengthening its interconnectedness while enhancing engagement with the international community.
Source: Anadolu Agency
