Abu Dhabi - Turkish Investment Gathering to boost economic partnership

Abu Dhabi, Jan 31, 2012 (WAM) - Mohammed Omer Abdullah, Undersecretary of the Economic Development Department, has said the Abu Dhabi- Turkish Investment Gathering comes within the efforts exerted by the UAE and Turkey to explore potential of building future strategic relations based on cooperation in the areas of technology, tourism and others. Delivering an inaugural speech at the gathering organised by the department and the Abu Dhabi Chamber of Commerce and Industry, here yesterday, Abdullah added that "We are looking forward with admiration to the Turkish development mode, being one of the most growing and brisk markets." He added that the UAE is keen to bolster the UAE-Turkish ties, citing that over the last decade the non oil mutual trade between the UAE and Turkey surged from Dh1.6 billion to Dh10.2 billion in 2010, while the non oil trade exchange between the emirate of Abu Dhabi and Turkey increased from about Dh200 million in 2001 to about Dh2 billion in 2010. Abdullah said the Turkish investments in the UAE touched US$6 billion, mostly in the construction and building sector, while the UAE investments in Turkey are about US$5billion, indicating that the economic cooperation opportunities between the two countries continue to grow amid the pledge of both countries to increase the trade exchange to touch US$10billion by 2015. For his part, Mohammed Hilal Al Muhairi, Director of the Abu Dhabi Chamber of Commerce and Industry, said the holding of gathering reflects the distinguished economic ties between the two countries, adding that it poses an opportunity to further strengthen the ties through partnership between the private sector in both countries. Turkish official thanked the department and chamber for organising the event. He invited the economic officials to visit Turkey to explore investment potentials there. The recent economic report released by the chamber, showed that the trade exchange between the emirate of Abu Dhabi and Turkey exceeded Dhs2 billion. It added that Turkey ranked 10th in the list of countries the emirate of Abu Dhabi imported from in 2010. The number of Turkish Companies operating in the emirate is 30, while the registered Turkish trade agencies in the UAE are 42. The Turkish trade marks in the country until November last year were 316. The report noted that 12 UAE companies invest in Turkey, besides the Abu Dhabi Investment Authority. It added that the GDP of Turkey stood at US$960 billion in November last year. The GDP per capital is US$12, 300 in Turkey. - Emirates News Agency, WAM