Turkish President Recep Tayyip Erdogan's two-day visit to the United Arab Emirates on February 14-15 will be a new window of opportunity for trade and investment, Report informs citing Anadolu that representatives of Turkish business circles adhere to this position.
The program of the visit of President Erdogan includes a visit to Abu Dhabi and Dubai. The president will take part in the National Day of Turkey as part of the Dubai Expo World Exhibition. It is planned to sign a number of intergovernmental agreements, including in the field of investment.
Trade turnover with the UAE in 2021 decreased by 9% compared to a year earlier and amounted to $7.5 billion. Turkey's exports to the Emirates in the above period increased by 91% to $5.2 billion, while imports decreased by 58% to $2.3 billion.
Tevfik Oz, Chairman of the Turkey-UAE Business Chamber at the Turkish Foreign Economic Relations Council (DEIK), told the agency that the improvement of political ties between the two countries will soon affect the trade and economic spheres.
In his opinion, the untapped potential of Turkish exports in the UAE market reaches approximately $1.8 billion.
"The Emirates market also opens up opportunities for active trade with other countries in the region. Dubai is considered the world's third-largest center for the export of goods, so it is quite logical that through the UAE, it is possible to increase supplies to other Arab countries of the Persian Gulf," he said.