ABU DHABI, 16th November, 2016 (WAM)–The economic ties between the UAE and Turkey are experiencing a new phase of cooperation and growth, thanks to the recent efforts of the two governments, the UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has said.

He added that the trade exchange between the UAE and Turkey still maintains a high level despite the political and economic challenges being witnessed by the region.

“The non-oil trade volume stood at about US$7.4 billion in 2015, including the free zones, compared to US$4.2 billion in the first half of this year. Turkey ranked 15th globally in the list of the UAE trade exchange last year. It was also ranked 13th on the list of exporters to the UAE and the sixth-largest importer of the UAE goods,” the UAE minister said.

This gives a clear indication of possibility of moving this relationship to a higher coordination and partnership level, he added.

Speaking while receiving Can Dizdar, Ambassador of the Republic of Turkey to the UAE, at the ministry, in the presence of Abdullah Al Saleh, Under-Secretary of Foreign Trade Affairs and Industry, Al Mansouri said both countries eye huge development potential in a number of sectors, notably innovation, small and medium enterprises, mutual investments, and other joint economic projects, as well as renewable energy, transformational industries and civil aviation projects.

Ambassador Dizdar stressed the keenness of his country to strengthen the existing relations with the UAE, especially in the economic fields. He added that both countries were looking forward to holding the Joint Economic Committee meeting to boost the trade and investment between the two countries.

The Turkish ambassador explained the UAE’s interest in the manufacturing sector is met with a similar Turkey’s interest, stressing the importance of joint efforts to exploit the opportunities and overcome any obstacles that may hinder cooperation in this sector.

He said that the agricultural sector and food industry saw a large growth in Turkey, and represents an important opportunity for cooperation with the UAE, which eyes promotion of the trade and investment in this 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.