President Erdogan visits UAE for trade and investment negotiations

By Justin Mays: 

The President of Turkey, Tayyip Erdogan was welcomed in the United Arab Emirates on the 15^th of February 2021 after nine years since visiting the country, to set economic agreements with the Gulf state.

The Vice President of Dubai, Sheikh Mohammed Bin Rashid had this to say, “We see great prospects in our economic and development relations with Turkey. I am optimistic about the stability and great prosperity led by the two countries in the region”.

According to the Emirati states news agency, 13 agreements were signed between the two countries which include agreements on the industry, technology, health, medical sciences, land and sea transportation, and trade.

President Erdogan said this about his visit, “During this visit, we aim to develop the momentum we have captured with the United Arab Emirates and to take necessary steps for ties to go back to the level they deserve”, he said to reporters at Istanbul Airport before he departed. “Dialogue and cooperation between Turkey and the United Arab Emirates carry great significance for peace and stability in our entire region,” he added.

Turkey and UAE signed Comprehensive Economic Partnership Agreement (CEPA) deal with negotiations for investment and bilateral trade deals. Emirati Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi told Reuters that as soon as CEPA comes into effect in the next six to 12 months, the trade between UAE and Turkey is expected to accelerate.

A $10 billion investment deal was made in January following the visit of Crown Prince of Abu Dhabi, Zayed Al-Nahyan to Turkey’s capital city, Ankara in November last year. During his visit, President Erdogan also highlighted that the two countries seek opportunities in “the complementary structures of the two countries’ economies”.

“For UAE, Turkey becomes a major new conduit to new markets in Asia, and especially Africa”, said Hussein Ibish, a senior resident scholar at the Arab Gulf States Institute in Washington. “Turkey also provides an entrée into certain commercial fields and Turkish real estate is potentially a bonanza if all goes well.”