Lubna urges Turkish firms to redouble investments in UAE

The UAE side is led by Shaikha Lubna Al Qasimi, Minister of Economy while the Turkish side is headed by Kemal Unakitan, Minister of Finance.

In her opening remarks, Shaikha Lubna underlined the importance attached by the UAE to its relations with Turkey, noting that both countries were bound by bilateral agreements encompassing areas of double taxation avoidance, and air transport amongst others.

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Speaking on the wider GCC-Turkish relations, Shaikha Lubna said these relations were set to grow significantly with the ratification of the GCC-Turkish framework trade agreement which was signed in 2005. The third round of the talks on the agreement will be held in Doha on February 25th.

"Trade relations between Turkey and GCC countries would be significantly enhanced if this agreement is ratified," she said.

On the performance of the UAE economy, she said the country's economy was achieving higher growth rates in various sectors. This strong performance, she said, is quite evident in the year 2007 indices, where the Gross Domestic Product (GDP) stood at Dh698 billion while Foreign Direct Investment (FDI) rose in recent years to Dh19 billion in 2006. The surge in FDI is a clear message that investor confidence in the UAE economy is strong.

"In view of these facts, I urge Turkish companies to redouble their investments in the UAE and thereby cement trade ties," said Shaikha Lubna. She said Turkish businessmen are well-placed to join hands with UAE counterparts and collectively take advantage of the enormous opportunities offered by the UAE. Shaikha Lubna told the meeting that two-way trade between the two countries grew by 400 per cent from 2002 to 2007.

For his part, Turkish Minister of Finance Kemal Unakitan underlined the potential of the countries, adding that it was imperative for the joint ministerial committee to lay down the necessary framework to bolster trade relations to the best interest of the peoples of the two countries."Given the enormous resources and opportunities available in the two countries, it would be logical to set new records in our two-way trade," he said.