Dubai International Chamber Signs Seven MoUs in Türkiye to Boost Bilateral Trade and Economic Cooperation
The Dubai International Chamber has successfully concluded a trade mission to Türkiye, signing seven Memorandums of Understanding (MoUs) and arranging 243 bilateral business meetings between companies from Dubai and Türkiye. This mission, part of Dubai Chambers’ ‘New Horizons’ initiative, aims to strengthen economic ties and promote investment opportunities in both markets.
The MoUs were signed with key Turkish organizations, including the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the Independent Industrialists and Businessmen Association (MUSIAD), and the Istanbul Chamber of Commerce (ICOC). These agreements will foster collaboration in various sectors, paving the way for enhanced business opportunities, knowledge exchange, and trade missions between the two nations.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the importance of the trade mission, stating: “Dubai has growing economic ties with Türkiye, and we look forward to driving trade and investment growth following the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Türkiye last year.”
The forum, titled ‘Doing Business with Türkiye,’ saw participation from 254 business leaders and officials. It included presentations on Dubai’s economic landscape, highlighting opportunities for Turkish companies, and featured expert panel discussions on market potential for Dubai-based businesses in Türkiye.
The value of non-oil trade between Dubai and Türkiye surged by 106.9% year-over-year in 2023, reaching AED 126.4 billion. Turkish companies continue to grow their presence in Dubai, with 625 new companies joining Dubai Chamber of Commerce in the first half of 2024, marking a 33% increase compared to the same period in 2023.
