Dubai International Chamber Successfully Concludes Trade Mission to Istanbul

Photo : Dubai Government Media Office

The Dubai International Chamber has successfully wrapped up its trade mission to Türkiye and Serbia, part of the ‘New Horizons’ initiative aimed at expanding business opportunities. This mission culminated in the signing of seven Memorandums of Understanding (MoUs) in Türkiye and facilitated 243 bilateral business meetings in Istanbul, bringing together companies from Dubai and Türkiye to explore avenues for growth and economic collaboration.

As part of its efforts to enhance cooperation, promote bilateral trade, and establish constructive partnerships, the Dubai International Chamber signed agreements with several notable organizations, including the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), the Independent Industrialists and Businessmen Association (MUSIAD), the Foreign Economic Relations Board of Türkiye (DEİK), Istanbul Chamber of Commerce (ICOC), Ankara Chamber of Commerce, Ankara Chamber of Industry, and the Turkish Industry and Business Association (TÜSİAD).

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These agreements are expected to create more collaborative opportunities between Dubai-based companies and their Turkish counterparts, focusing on promising sectors for mutual benefit. The organizations will work together to arrange trade missions, conferences, and business events while sharing knowledge and expertise to foster innovation and growth. The MoUs also encompass exchanges of information, consultations, and opportunities for bilateral cooperation in business and investment policies.

During the mission, a significant business forum titled “Doing Business with Türkiye” was organized by the Dubai International Chamber in collaboration with the UAE Consulate in Istanbul and the Union of Chambers and Commodity Exchanges of Türkiye (TOBB), along with the Istanbul Chamber of Commerce (ICOC) and MUSIAD.

The forum featured keynote speeches from prominent figures, including H.E. Mustafa Tuzcu, Deputy Minister of Trade of the Republic of Türkiye, H.E. Saeed Saqer AlMheiri, Consul General of the UAE in Istanbul, and Ali Kopuz, Vice President of TOBB. The event attracted 254 participants, including senior officials, business leaders, and local companies eager to explore potential partnerships with the Dubai delegation.

His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the strengthening economic ties between Dubai and Türkiye. He stated, “We look forward to driving the growth of trade and investments following the Comprehensive Economic Partnership Agreement (CEPA) signed between the UAE and Türkiye last year. This trade mission will enhance bilateral business connections and broaden investment opportunities between Dubai and Türkiye.”

The trade relationship has shown remarkable growth, with the value of non-oil trade between Dubai and Türkiye experiencing a year-on-year increase of 106.9% in 2023, rising from AED 61.1 billion to AED 126.4 billion. At the end of the first half of 2024, there were 3,258 Turkish companies registered as active members of the Dubai Chamber of Commerce, including 625 new registrations during the first six months of the year. This marks a 33% increase compared to the 470 new companies that joined during the same period in 2023.

As part of the business forum, the Dubai International Chamber presented a comprehensive overview of Dubai’s trade and economic landscape, showcasing the competitive advantages the emirate offers to Turkish companies. This was followed by a panel discussion featuring experts from various economic sectors, who provided insights into opportunities available in the Turkish market for Dubai-based firms, along with guidance for businesses and investors. The mission continued with a series of bilateral meetings between representatives from Dubai and Türkiye on the second day.

The delegation for the trade mission included representatives from 16 private sector companies from Dubai, spanning a range of industries such as electronics, food and beverages, pipeline products, information technology, brand protection, technology, airport services, retail, textiles, and energy and mobility solutions.

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