Turkish finance minister hails deals signed between Türkiye, UAE

Evaluating agreements signed between Türkiye and UAE, worth around $51 billion, the Turkish treasury and finance minister said that deals further cemented ties between the two countries.

"We are grateful for the UAE's continued strong support for Türkiye and their confidence in our program," Mehmet Şimşek said at the UAE-Türkiye Business Forum, which was organized by Türkiye's Foreign Economic Relations Board (DEIK) in the capital Abu Dhabi.

Mentioning Türkiye's economic program, the minister said it has three main pillars: "a sound monetary policy," "fiscal discipline," and "structural reforms."

Türkiye aims to strengthen macroeconomic stability through credible rule-based policies, he stressed, adding, "We have already taken strong initial steps to improve public finances and to reduce persistent high inflation through a multi-pronged strategy."

"In particular, the recent enhancements in the monetary policy framework is encouraging, we will continue to gradually tighten monetary policy to reduce inflation and current account deficit."

The country plans to unveil a structural reform agenda in September, along with its medium-term economic program, the minister said.

Türkiye has enormous potential, and the Turkish government's commitment to tackling macroeconomic challenges will unlock this potential, Şimşek noted.

"Therefore, we would like you to be a part of this success story," he stressed.

Şimşek said: "It's encouraging to hear that our UAE counterparts believe in our program.

"We have been working very closely in preparation for this summit, (and) we have already identified priority sector and mutually beneficial investment opportunities."

Türkiye is open for business, he said, adding: "Our doors are open to you all on any matter that would help while doing business in Türkiye."

He also thanked the UAE for its support for the Türkiye's earthquake relief efforts.