Turkey ready to improve trade partnership with Yemen

The Commercial and Industrial Chamber of Sana’a and the Turkish Embassy in Sana’a have agreed to set up a Yemeni-Turkish businessmen council.
 
A recent meeting held on March 7th brought together the Chairman of the Chamber, Hassan al-Kabous, and the Turkish Ambassador to Sana’a, Mohammed Donamaz, where the two discussed means of enhancing trade cooperation between the private sectors in both nations.
 
Al-Kabuos said that the chamber is looking forward to an increased trade balance between Yemen and Turkey in the coming five years. He mentioned that Yemen requires Turkish experience in the fields of small investments.
 
He confirmed that Yemeni businessmen desire to enable joint investment with their Turkish counterparts.
 
The Turkish ambassador said that Turkey is ready to improve the trade partnership between the Yemeni and Turkish private sectors.
 
Sadiq Yildiz, the Founding Chairman of Turkish-Yemeni Business Council, told Yemen Observer that the purpose of his trip to Yemen was to realize the establishment of Yemeni-Turkish businessmen council, designed to work with its counterpart in Turkey for the promotion, enhancement and encouragement of businesses and investment activities the two nations.
 
Yildiz said the Turkish president would sign the official signature when he arrives in either June or July. “As business councils, we arrange high level trips between two countries where we have our members and business people join in the meetings so that they can interact meet and discuss mutual business opportunities,” Yildiz explained. “We also organize annual business forums; One year in Yemen, one year in turkey.”
 
Yildiz stressed that these business forums will be focusing on specific sectors each year. “We attempt to provide opportunities for discussions, meetings and shared opportunities regarding a specific sector, as well as other fields,” he said.
 
Yildiz continued, “We have a secretariat within Yemeni; a Turkish business council in Istanbul will be serving our Turkish-Yemeni council in Turkey. Similarly, the Yemeni counterpart will also have its own secretariat. This secretariat will be in charge of research activities between Yemen and Turkey, regarding business of course. The organization and coordination will be done by this secretariat…The Yemeni council is being founded now. It’s in process…it will be official before [the president visits].”
 
At the moment, Turkish and Yemeni bilateral trade stands at about 400 million USD annually, as of the last fiscal year.
 
“Of course,” Yildiz emphasized, “this does not reflect the potential.”
 
According to Yildiz, Turkey has increased its exports in recent years while Yemeni total exports stand at 130 billion dollars. Turkey now possesses the 17th largest economy in the world, and is increasing in importance, as its business activities and trade relations are increasing year by year.
 
Africa and the lower Gulf Coast, including Yemen and Oman, are of interest for Turkish businesses. “We, together with our Yemeni counterparts, hope to increase this trade volume, which already is worth 400 million dollars, to one billion dollars in the next three years,” Yildiz exclaimed. “We will be focusing on trade, investment, and within the fields of food industry, textiles, energy and infrastructure.”
 
Hassan al-Kabuos, Sana’a’s Chamber of Commerce and Industry Chairman, told Yemen Observer that Yemen has agreed with the Turkish delegation to enhancing the bilateral trade relationships through the establishment of partnership investment projects. Establishing Yemeni-Turkish business ties represents an important step toward the establishment of a trade balance.
 
Al-Kabuos said, “We requested to set up investment projects in the manufacturing of clothes and handcraft products in Yemen. We have also explained to the Turkish delegation that we plan to utilize their experience as we develop Yemeni infrastructure, as they have strong experience in these fields.”
 
Al-Kabuos stressed that there are many Turkish products already in the Yemeni market and that Yemeni consumer prefer Turkish products due to their quality. Thus, establishing Yemeni-Turkish businesses will assist to solve any problem in this regard, while opening new investment opportunities in both counties.
 
Al-Kabuos stressed that Turkey is ranked seventh in terms of increasing its exports to Yemen, which encourages both nations to develop and improve their trade and investment relations.

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