ALBAWABA- The UAE President Sheikh Mohamed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdogan witnessed the signing of significant agreements and MoUs, reinforcing the bilateral relationship in Abu Dhabi today.
The deals, totaling $50.7 billion, span diverse sectors and emphasize their commitment to collaboration. Key agreements include a strategic partnership between the UAE Ministry of Investment and Turkey's Ministry of Energy and Natural Resources, focusing on investments in renewable energy, green hydrogen, hydropower plants, and more. ADNOC and Turkish Petroleum Corporation signed a cooperation agreement for upstream and petrochemical projects.
Furthermore, joint efforts in space exploration and defense industries, export credit financing, and investment in Turkey's earthquake-affected areas were formalized.
The two countries boast a robust trade relationship, with non-oil intra-trade exceeding $103 billion between 2013 and 2022. A Comprehensive Economic Partnership Agreement (CEPA) seeks to boost trade to $40 billion in the next five years. Turkey's commitment to economic stability enhances its appeal as an investment destination.
