Dubai International Chamber Concludes Successful Trade Mission To Istanbul, Strengthening Economic Ties With Türkiye

Dubai International Chamber, under Dubai Chambers, has wrapped up its trade mission to Serbia and Türkiye. This mission is part of the 'New Horizons' initiative. In Türkiye, the chamber signed seven Memorandums of Understanding (MoUs) and facilitated 243 bilateral business meetings in Istanbul. These meetings aimed to explore business growth and economic partnerships between companies from Dubai and Türkiye.

The MoUs were signed with several Turkish organisations. These include the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), Independent Industrialists and Businessmen Association (MUSIAD), Foreign Economic Relations Board of Türkiye (DEİK), Istanbul Chamber of Commerce (ICOC), Ankara Chamber of Commerce, Ankara Chamber of Industry, and Turkish Industry and Business Association (TÜSİAD).

The agreements aim to foster collaboration in organising trade missions, conferences, and business events. They also focus on sharing knowledge and expertise for mutual growth and innovation. The MoUs cover information exchange, consultations, and opportunities for cooperation in business and investment policies.

A notable event during the mission was a business forum titled 'Doing Business with Türkiye.' This forum was organised by Dubai International Chamber in partnership with the UAE Consulate in Istanbul, TOBB, ICOC, and MUSIAD. It featured speeches from Mustafa Tuzcu, Deputy Minister of Trade of Türkiye; Saeed Saqer AlMheiri, UAE Consul-General in Istanbul; and Ali Kopuz, Vice President of TOBB.

The forum attracted 254 participants including senior officials, business leaders, and local companies interested in potential partnerships with the chamber's delegation members. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated that "Dubai has growing economic ties with Türkiye," emphasising the importance of this mission in enhancing trade relations.

Lootah added that this mission will boost bilateral business connections. It aims to expand investment opportunities between companies from Dubai and Türkiye. The non-oil trade value between Dubai and Türkiye grew by 106.9% year-over-year in 2023. It increased from AED61.1 billion to AED126.4 billion.

Economic Growth Indicators

By the end of H1 2024, there were 3,258 Turkish companies registered as active members with Dubai Chamber of Commerce. Of these, 625 joined during the first half of the year alone. This marks a 33% increase compared to 470 new companies that joined during H1 2023.

The business forum included a presentation on Dubai's trade landscape. It highlighted competitive advantages for Turkish companies considering expansion into the emirate's market.

Diverse Sector Representation

An insightful panel discussion explored opportunities available in the Turkish market for Dubai-based companies. It provided valuable guidance for businesses and investors looking to enter or expand within this market.

The trade mission delegation comprised representatives from 16 private sector companies based in Dubai. These companies operate across various sectors such as electronics, food & beverages, pipeline products, information technology, brand protection technology services airport services retail textiles energy mobility solutions among others.

With inputs from WAM