Posted on 06 March 2013
Figures show that trade between Turkey and the UAE reached $9.1 billion during the first eight months of 2012, three times the amount in 2011. The economy in the UAE is predicted to grow by 4% in 2013 compared to 3% last year, and this should positively impact trade and economic plans with Turkey.
The UAE is beginning to focus its attention on investments in countries such as Turkey, whose economies are still doing well. According to Mustafa Cikrikcioglu, chairman of the Turkish Exporters Assembly, the UAE imports goods worth $3.2 billion each year. The imports consist of food products and machines while Turkey imports commodities such as oil products worth $8.2 billion. Last year trade between the two countries increased by 288%, and Turkish exports to the UAE also included gold, construction materials and carpets.
At the moment there are 13 UAE companies that have large investments in Turkey in sectors such as energy, infrastructure and heavy industries. At the same time the UAE has more than 600 Turkish companies working there. The foreign trade exchanges between the two countries are enormous, but experts still believe there’s plenty of opportunity to increase trade, especially in construction.
The Turkish economy is amongst the top 17 economies worldwide, and in 2012 its Gross National Product was more than $1.3 trillion. Last year Turkey exported $195 million worth of commodities, half of which went to the European Union, and the other half to Mena.
Turkey views the UAE as a being full of opportunities, and is hopeful the volume of trade exchange between the two countries will reach $15 billion by 2015. It’s highly likely to achieve this figure, as three years ago trade between the two countries was anticipated to reach $10 billion by 2015, something that was actually achieved last year.