UAE Ministry of Economy participates in 3rd Turkish-Arab Economic Forum in Istanbul

H.E. Khalid Ghanim Al Ghaith, UAE Ministry of Economy Assistant Undersecretary for Economic Affairs and International Cooperation, has accompanied H.E. Alshihhi to the event.

H.E. Alshihhi emphasized the importance of participating in this forum as it is highly beneficial in terms of the ideas and information that it will generate and its resulting initiatives which will expand the partnership between the UAE and Turkey and thus ensure their sustainable growth.

"The UAE maintains strong economic and business relations with Turkey; we have in fact forged several bilateral agreements ranging from double taxation avoidance to air transport,"

H.E. Alshihhi said.

"Both our countries stand to mutually benefit from our rapidly growing economic and business environments; while Turkey is aggressively improving its investment opportunities and enhancing inter-Arab trade, the UAE has emerged as the region's most dynamic economy and one of the world's top 30 trading countries according to the World Trade Organisation," added H.E. Alshihhi.

H.E. Alshihhi commented that both countries have institutionalized their cooperation through regular meetings of the Joint Economic Commission and the UAE-Turkey Business Council, the seventh of which was held last February 2008 in Ankara, Turkey.

Legal foundations of their bilateral economic relations include the 1984 Economic and Technical Cooperation Agreement; the 1993 Agreement on the Prevention of Double Taxation; and the 2005 Agreement on the Reciprocal Promotion and Protection of Investments.

Trade volume between the UAE and Turkey was at $3.7bn in 2007, with Turkey's main exports to the UAE comprising iron and steel; textiles; clothing; and accessories.

UAE, on the other hand, traded mainly gold and silver products.

The UAE's favourable investment environment has so far attracted 21 Turkish companies, 27 trade agencies, and 244 trade marks; Turkey has further committed $40bn in investments to the UAE within the next five years during the recent World Economic Forum held in Abu Dhabi last January 2008.

H.E. Alshihhi joins a panel session exploring Turkey's economic developments and investment opportunities today, the first day of the Forum.

The two-day Turkish-Arab Economic Forum will feature seven panel sessions covering a Summit for Ministers; banking and financial markets; economic developments and investment environment; real estate and tourism; Turkey's geopolitical role; Turkey's energy requirements; and economic and business prospects in Arab countries.

Participants will be given the opportunity to interact with representatives of governments and investment boards and join bilateral meetings during the last day.