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UAE investments in Turkey to touch $3b

DUBAI - Officials from the Sharjah Chamber of Commerce and Industry (SCCI) headed by SCCI Director General Hussein Mohammad Al Mahmoudi met a high-profile Turkish delegation led by Arda Aciksoz, Vice-President of the Investment Support and Promotion Agency of Turkey (ISPAT), recently at SCCI’s new building to discuss investment opportunities between Turkey and the UAE.

ISPAT is an agency under the Republic of Turkey’s Prime Ministry. The meeting aimed to review the unique economic ties between the two countries and explore ways to further enhance co-operation particularly in bilateral trade and investment opportunities. It also served to strengthen the productive partnership between the chamber and ISPAT and improve their services to their respective members.

The visit also enlightened SCCI members on Turkey’s investment environment and acquainted UAE businessmen with ISPAT.

The interaction is expected to lead to the creation of joint projects that will benefit the business sectors of both countries. The parties discussed current challenges faced by the investment sector as well as the measures that could help maintain the growth rates already achieved in this area.

The two countries enjoy distinct economic ties, as there are about 21 companies, 27 trade agencies and 244 brands from Turkey operating in the UAE.

Turkey has also recently revealed its plans to invest $40 billion in the country over the next five years. The total UAE investments into Turkey over the past years are estimated at $1.5 billion, with the figure expected to reach $3 billion in 2009.

· business@khaleejtimes.com