Turkey’s exports to the UAE have increased by more than five times over five years according to latest government figures. Turkish officials have released a report showing the total value of exports to the UAE is up from US$315 million in 2000 to US$1.6 billion in 2005, making the UAE Turkey’s biggest market in the GCC.
Manufacturers, largely of iron, steel, machinery, transport and textiles, account for the vast majority of Turkish exports to the UAE with US$1.4 billion generated from this sector alone during 2005. The figures mark a growth of more than 600% for the manufacturing industry, which gleaned just US$207 million from sales to the emirates in 2000.
While the UAE is the largest market for Turkey by almost US$1 billion, trade volumes have steadily increased across the entire Gulf region with 2005 exports to Saudi Arabia and Kuwait reaching US$783 million and US$210 million respectively.
The success is a result of targeted efforts on the part of the Turkish Government such as the ‘Neighbouring and Surrounding Countries Strategy’, the relaxation of laws dictating foreign trade and positive steps being taken towards a free trade agreement with the Gulf region, especially the UAE.
The next phase in solidifying UAE-Turkey trade relations is an inaugural trade event dedicated specifically to business interests of the two countries. The ‘UAE Trade Exhibition in Turkey’ is being organised by Dubai Chamber of Commerce & Industry (DCCI), Jebel Ali Free Zone Authority (JAFZA) and Dubai Tourism and Commerce Marketing (DTCM) and will take place from 13-15 September in Istanbul.
While one of the main objectives of the new event is to reinforce existing business relationships, government officials on both sides are keen turn the spotlight on the massive investment potential for UAE businesses as a result of Turkey’s current privatisation programme.
“We’re delighted with the mutually beneficial trading relationship that has developed between Turkey and the UAE over recent years,” said Sultan Lootah, DCCI Manager of Business Promotion.
“We now hope UAE companies will take the next step and invest in Turkey’s privatisation programme, through which there are huge opportunities for businesses possessing real vision and a commitment to the future - qualities clearly evident in the Emirates’ forward-thinking organisations.”
Taking place at the Grand Cevahir Hotel and Convention Centre, the expo will provide opportunities for potential investors from the UAE to meet prominent Turkish companies from a range of sectors including financial, real estate, manufacturing and commodities.
Commodities is an important area for the two countries and therefore the exhibition will include a conference hosted by Dubai Multi Commodities Centre (DMCC), DCCI and JAFZA, which will focus specifically on investment opportunities in the UAE for Turkish companies.
Manufacturers, traders and potential investors are all encouraged to participate in the exhibition, which will feature visits from key players and decision-makers from Turkey’s trade unions and chambers of commerce.
In addition to the main organisers and Dubai-based Mosaic Organizations as technical organisers, the ‘UAE Trade Exhibition in Turkey’ is supported by the Association of Turkish Travel Agencies and is taking place under the patronage of the Turkish Chambers of Commerce and the Turkish Secretary of Foreign Trade.
