Union of Chambers and Commodity Exchanges of Turkey

In his speech, TOBB Board Vice President Faik Yavuz stated that this visit would further strengthen relations between Turkey and Yemen; going on to say that it is also an important opportunity to develop cooperation in the economic field.

- Developments in Yemen

Emphasizing that they are following the developments in Yemen closely, Yavuz stated their belief that Yemen’s unity and solidarity will increase; the increased prosperity from their economic cooperation will support the environment of stability.

Faik Yavuz stated that Yemen’s transition from observing party to full member in the World Trade Organization will benefit the economy greatly and that the Turkish private sector wishes to see Yemen as a full member of the World Trade Organization as soon as possible.

- Business opportunities between the two countries

Stating that there are many opportunities for bilateral trade in Yemen, Faik Yavuz said, “First among these is the agricultural sector. I believe that together we can realize projects utilizing advanced agriculture techniques and water efficiency projects which will allow Yemen to market tropical goods in global markets.

Another possibility for cooperation lies in the industrial sector. We want to contribute to the development of the industry of our Yemeni brothers with our experience in the establishment and operation of an organized industry zones. We’ve started projects as TOBB along with TEPAV and the Islamic Development Bank.

- Relations still not at the desired level

Addressing the guess Minister, Yavuz said that they have a long road ahead of them to develop economic relations and went on, “Observe, Turkey is behind the USA with 329 million Dollars in trade with Yemen. Turkish investments in Yemen have reached 750 million Dollars however despite our geographical proximity our relations aren’t at the desired level.”

Yemen Minister of Commerce and Industry Saad Al Din Ali Bin Talip touched on the cultural, social and economic relations in his speech, stating that steps to remedy the problems would be taken.

Emphasizing the value put on Turkey by Yemen, the minister stated that a strong economic cooperation would be implemented between the two countries.