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Dubai: The Sharjah Chamber of Commerce and Industry (SCCI) will implement the terms of a memorandum of understanding (MoU) it recently signed with Turkey's Izmir Chamber of Commerce as the two trade bodies work to build close economic links.
The agreement calls for improved relations between Sharjah and Turkey, with emphasis on trade and commerce.
The accord was signed in August during the visit of SCCI officials to Turkey to attend the Izmir International Fair.
The two sides agreed to exchange information, provide assistance to each other in organising events, setting up new ventures, and in resolving trade disputes.
The pact also seeks to eliminate barriers in the smooth flow of trade.
"The Izmir Chamber and Turkey in general are committed to strengthening our partnership with SCCI and the emirate of Sharjah.
"While a strong bond already exists between our organisations, this memorandum sets the specific parameters for us to achieve our mutual goals," said Adnan Yildirim, secretary-general of the Izmir Chamber of Commerce.
Trade between the UAE and Turkey this year is expected to exceed $3.7 billion, SCCI said in a statement.
It said the UAE has invested around $1.5 billion in Turkey in the past two years and is looking to invest more in the energy, finance and healthcare sectors.
Proposed investment
A SCCI statement said: "Turkey has around 27 trade agencies and 244 trademarks established in the UAE and is planning to invest $40 billion in the UAE within the next five years."
However, SCCI did not provide details of any project in which such large Turkish investments are planned. It also did not explain how it arrived at the figure of $40 billion.
Hussain Al Mahmoudi, SCCI director-general, said: "As the MoU states, this agreement affirms our productive relations with the Izmir Chamber and Turkey and formalises our collaboration on closer trade and industrial relations between our organisations and our countries.
"This forms part of SCCI initiatives to expand the scope and depth of its regional and international relations to further enhance local and national economic development."
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