His Excellency, Erdem Ozan, the new Consul General of the Republic of Turkey in Dubai, recently visited the Jebel Ali Free Zone (Jafza) looking to further strengthen bilateral trade relations with the Free Zone. The visit paves the way for Turkey to bolster trade within the Middle East utilising Jafza as a hub and logistical base for Turkish enterprises to distribute their goods and services within the region.
Jafza is currently home to more than 90 leading Turkish companies such as AKSA, HDF, Empa, INCO International and Ibrakom among others. Trade between Jafza and Turkey has seen a compound annual growth of more than 22% between 2004 and 2013 and bilateral trade is expected to cross USD 900 ?million during the current fiscal year. Turkey’s major exports to Jafza includes machinery, iron and steel and ?products made thereof as well as electrical services and electronic products.
Noting the growth of Jafza, Richard Parsons, CEO of Worldwide FDI-Trade who met with representatives of the Jebel Ali Free Zone Authority during the recent Going Global event at Olympia in London said, “It is clear that Jafza provides businesses with an extremely attractive base to operate within the Middle East. The free zone is not just strategically important within the Middle East but also as a link between the East and the West and benefits from a time zone that overlaps both Asia and Europe during the working day.”
Jafza has grown from a small operation of just 19 companies in 1985 into a thriving business community with over 7,100 companies that continues to expand. Jafza is a dynamic base for businesses domiciled in over 100 countries and sustains over 135,000 jobs whilst attracting more than 20% of the UAE’s foreign direct investment. Jafza is responsible for over 50% of Dubai’s total exports, with a phenomenal trade value of around $69 billion.