Ras Al Khaimah Free Trade Zone boosts Turkey relations

MoU signed with Turkey's Directorate General for Free Zones.
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Ras Al Khaimah Free Trade Zone (RAK FTZ) signed a Memorandum of Understanding (MoU) with Turkey’s Directorate General for Free Zones, Overseas Investment and Services and the Ministry of Economy of the Republic of Turkey.

The agreement focuses on developing areas of mutual co-operation aimed at strengthening the business relationship between RAK FTZ and Turkey as well as opening up new market opportunities for RAK FTZ-based businesses in Turkish free zones.

The MoU was signed by HH Sheikh Ahmad Saqer Mohamed Al Qasimi, RAK FTZ chairman, and HE Bülent Uğur Ecevit, Deputy Undersecretary of Ministry of Economy, Republic of Turkey, at a ceremony held at the Waldorf Astoria Hotel in Ras Al Khaimah. Also present were HE Sefik Vural Altay, Ambassador of the Republic of Turkey to the UAE and Peter Fort, RAK FTZ chief executive officer.

“Turkey has been a very important and strategic market for RAK FTZ and its clients, and this high level visit from the Ministry of Economy and the Directorate General for Free Zones, Overseas Investment and Services is a strategic step forward in our trade relations. We discussed a wide range of opportunities for closer business relations and have agreed on multiple areas of mutually beneficial cooperation,” said Sheikh Ahmad.

“The MoU aims to boost collaboration between both parties and also further strengthen our reputation as a leading business hub in the region. This two-way relationship will see us continue to assist companies in Turkey to establish a base in RAK FTZ with reciprocal benefits for our clients looking to extend their reach into Turkish free zones.”

While HE Bülent Uğur Ecevit added: “We are excited to sign this cooperation MoU with the RAK FTZ. This will open up new avenues for cooperation, launch joint projects and provide business and networking opportunities for our 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. Similarly, our companies’ knowledge across diverse markets would enhance RAK FTZ’s diversity. We are confident that the new business opportunities offered by RAK FTZ will be welcomed by leading companies and establishments in our free zones.”

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.

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