UAE expects Turkiye to double its trade with the rest of the world.

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UAE expects Turkiye to double its trade with the rest of the world.

We are betting on Ankara to open new markets through its logistics network, according to an Emirati minister.

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According to an Emirati minister, his country hopes to double or triple trade with Turkiye, relying on it to connect it to the rest of the world.

In an interview with Bloomberg TV on Wednesday, UAE Minister of State for Foreign Trade Thani al-Zeyoudi said that the UAE is “betting on Turkey as a country that is going to open up new markets for us through their logistics and supply chain.”

The UAE, according to Al-Zeyoudi, is looking forward to benefiting from Turkiye’s significant investments in the industrial sector, skilled labor, and existing logistical network, particularly with Africa.

According to the minister, the UAE is currently finalizing trade agreements with India and Israel, one of which is expected to be announced in the next two months.

The oil-rich country has worked to strengthen its position as a global business and financial hub.

In 2021, the UAE announced plans to deepen trade ties with Asia and Africa’s fast-growing economies, attracting (dollar)150 billion in foreign investment.

According to a report by the UAE Ministry of Economy, non-oil foreign trade with Turkiye totaled around 329 billion dirhams ((dollar)89.6 billion) over the last decade.

According to the report, non-oil trade between the two countries increased by 21% in 2020, to 32.7 billion dirhams ((dollar)8.9 billion), up from 26.8 billion dirhams ((dollar)7.3 billion) in 2019.

* Mahmoud Barakat is the author of this piece.

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