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UAE, Turkey resume economic talks after a six-year hiatus

After a sixe-year gap, the UAE and Turkey are resuming ministerial level talks in a bid to enhance economic cooperation between the two countries.

The UAE will send a top-level delegation, led by Sultan bin Saeed Al Mansoori, Minister of Economy, to Turkey on Monday to attend a series of meetings of the 9th session of the Joint Economic Committee (JEC) between the two countries.

The minister and Mehmet Şimşek, Deputy Prime Minister of Turkey, will co-chair the meetings in Turkish capital Ankara on January 6 and 7. Last meeting of the JEC was held in 2011.

The meetings will discuss ways to boost cooperation in a number of areas including bilateral trade, innovation, small and medium enterprises (SMEs), tourism and health.

Both the countries will also highlight investment opportunities in renewable energy, transportation, food and hospitality as well as civil aviation and financial services sectors, according to the UAE Ministry of Economy.

While commenting on the new enthusiasm in restarting the bilateral talks, Al Mansoori said that growth opportunities for UAE-Turkey relations have not been fully explored.

He added that the resumption of the JEC is a positive step towards advancing the level of economic and trade relations between the two countries.

Non-oil bilateral trade volume between the UAE and Turkey stood at $7.4 billion at the end of 2015. Turkey was the UAE’s 15th biggest global trade partner, sixth largest importer and 13th top exporter for the same year.

The emirates have attracted several investments from major Turkish firms operating in the construction sector.

The number of Turkish companies registered with the UAE Ministry of Economy reached by the end of 2015, 69 companies and 73 trade agencies, while the trademarks registered during the same period were 1, 713, according the figures from state news agency WAM.