Economy Ministry of Turkey penned a Memorandum of Understanding (MoU) in cooperation with Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the fastest-growing and most cost-effective free trade zones in the United Arab Emirates (UAE), Anadolu Agency reported
Deputy Undersecretary of Turkish Ministry of Economy Bulent Ugur Ecevit and RAK FTZ Chairman Sheikh Ahmad Saqer Mohamed Al Qasimi penned the MoU at a ceremony, which was held at the Waldorf Astoria Hotel in Ras Al Khaimah.
Al Qasimi said that Turkey has been a very important and strategic market for RAK FTZ and its clients, and he added, "We discussed a wide range of opportunities for closer business relations and have agreed on multiple areas of mutually beneficial cooperation."
Pointing out the cooperation MoU between Turkey and Ras Al Khaimah, Ecevit said that this MoU would open up new avenues for cooperation, launch joint projects and provide business and networking opportunities for the business clients in Turkey.
"The business environment at RAK FTZ offers great advantages and this MoU will open a discussion on new potential cooperation fields and together we discover ways on how to develop our existing relationship further," said Ecevit.
UAE is currently Turkey's fifth largest export destination among the GCC countries, according to the report published in July this year by the Turkish Ministry of Economy, and was worth US$ 8.17 billion in 2012 across gold; manufactured products; petroleum; petroleum products and related materials; iron and steel; and articles of apparel and clothing accessories. UAE was Turkey's 18th largest supplier of goods imports in 2012 and was worth US$ 3.59 billion, up by 118% from 2011 figures.
There are currently over 850 Turkish companies, trade agencies and trademarks present in the UAE. The bilateral trade between the two countries has registered considerable growth during the past 10 years.