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Turkey to target $3bn in potential UAE investments for 2009

United Arab Emirates: Wednesday, January 21 - 2009 @ 13:46

Officials from the Sharjah Chamber of Commerce and Industry (SCCI) headed by SCCI Director General, Hussein Mohammad Al Mahmoudi met a high-profile Turkish delegation led by Arda Aciksoz, Vice President of the Investment Support and Promotion Agency of Turkey (ISPAT) recently at SCCI’s new building to discuss investment opportunities between Turkey and the UAE. ISPAT is an agency under the Republic of Turkey’s Prime Ministry.

The meeting aimed to review the unique economic ties between the two countries and explore ways to further enhance cooperation particularly in bilateral trade and investment opportunities. It also served to strengthen the productive partnership between the Chamber and ISPAT and improve their services to their respective members.

The visit also enlightened SCCI members on Turkey’s investment environment and acquainted UAE businessmen with ISPAT. The interaction is expected to lead to the creation of joint projects that will benefit the business sectors of both countries. The parties discussed current challenges faced by the investment sector as well as the measures that could help maintain the growth rates already achieved in this area.

Hussein Mohammed Al Mahmoudi, Director General, SCCI, said,

“This gathering plays an important role in the development of strategic relations between our two countries in terms of mutual business growth, project creation and sustainable development. It creates a positive environment among the chambers of commerce in the region and motivates us to cooperate with investors in Sharjah on the adoption of concrete steps to strengthen our position in the Turkish markets.”

“This meeting was also an important opportunity to acquaint members of the Chamber with Turkey’s business community and to extend our ties with businessmen and economic organisations in other countries.” he added.

The two countries enjoy distinct economic ties, as there are about 21 companies, 27 trade agencies and 244 brands from Turkey operating in the UAE. Turkey has also recently revealed its plans to invest $40bn in the country over the next five years. On the other hand, total UAE investments into Turkey over the past years are estimated at $1.5bn, with the figure expected to reach $3bn in 2009.

The visit of the Investment Support and Promotion Agency of Turkey is part of SCCI initiatives to expand the foreign partnerships and complements a series of meetings and visits with other Turkish economic organisations.

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Wednesday, January 21- 2009 @ 13:46 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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