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UAE and Turkmenistan discuss economic relations

posted on 27/08/2007: 599 views

Economic Sector Under Secretary of the Ministry of Economy Abdullah bin Ahmed Al Saleh discussed in Abu Dhabi yesterday with the Turkmen Minister of Economic Affairs and Finance, Geldi Muradov, ways for bolstering economic relations between UAE and Turkmenistan, as well as cooperation in the avenues of investment and trade, benefiting from the fast growing economic environment in both the countries. Al Saleh underlined the importance of strengthening the relations between the two countries, especially in the fields of economy, trade, industry and investment.

He said that during recent years, the economic cooperation and trade activities between the two countries have witnessed substantial growth. He invited the Turkmen side to explore the vast possibilities and opportunities existing in both the countries. The Ministry of Economy is striving in every possible way to strengthen the relations between UAE and Turkmenistan, the Minister pointed out.

Al Saleh said the Turkmen as well as the international companies can benefit from the much developed investment environment existing in UAE which promises an free economy, a high standard of stability and a developed infrastructure. All these factors facilitate the investment and business in various sectors. Moreover, UAE is always keen to offer the best facilities and ideal legal environment to support investment. The minister drew examples from the local economy, such as the fast growing services sector, developed telecommunications, free trade zones and a tax-free investment opportunity. He pointed out that UAE offers an extensive market comprising the Arab and non Arab countries in the region.

Al Saleh also pointed out that the free trade zones offer 100 percent ownership facilities for foreign investments. "Many international companies are based in UAE for their regional and international operations,” he added. The Minister invited Turkmen companies to benefit from these facilities and exploit the vast opportunities existing in UAE.

"The UAE economy has witnessed a visible boom, and realised high growth rates in various economic and social sectors as a result of the country's policy of economic diversification." Al Saleh Said.

From his side, Geldi Muradov reiterated his country's desire for strengthening the bilateral relations between UAE and Turkmenistan and to benefit from the distinctive economic growth of UAE and its rich and vast economic potentials. He added that these factors open up the possibilities of real partnership between the two economies.

The Turkmen Minister underlined the importance of realizing the ambitions of both the countries for enhancing the economic relations, with particular emphasis on the avenues of trade and industry. (Emirates News Agency, WAM)


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