ShareBy Faten Omar
KUWAIT: Minister of Commerce and Industry and Minister of State for Youth Affairs Mohammad Al-Aiban highlighted the remarkable growth in the volume of trade exchange between Kuwait and Turkey in 2022. The trade volume reached approximately $1.064 billion, marking a substantial increase of 32.9 percent compared to the previous year.
Speaking at the opening of the Turkey-Kuwait Delegation and B2B meetings hosted by the Turkish Embassy in Kuwait and attended by 100 Turkish businessmen on Tuesday, Aiban emphasized the positive trajectory of their relationship, attributing it to the expanding economy, trade, and investment ties between the two countries. He underscored Kuwait’s commitment to enhancing the business environment in the country.
This includes streamlining company establishment procedures, reducing the time and effort needed for licensing, and making the entire process digital. “Kuwait has also improved transparency and simplicity in its business-related laws and regulations. Additionally, financial support for small and medium enterprises has been extended, fostering entrepreneurship and employment opportunities through the National Fund for Development,” he noted.
Aiban stressed the government’s focus on the private sector, seen as a key driver of economic growth. “The government is eager to attract foreign investors, allowing them to benefit from the incentives provided by the Kuwait Direct Investment Promotion Authority,” he said.
The minister pointed out that various challenges, such as global political stability, food security, climate change and commitments to sustainable green development necessitate increased efforts and dedication in collaboration between Kuwait and Turkey. “We realize that there are many investment opportunities available between the two countries that require strengthening joint efforts to achieve them, and we are here today to exchange ideas, experiences and expertise,” he said.
Turkish Minister of Trade Omer Bolat lauded the strong and thriving relations between Turkey and Kuwait, emphasizing their growth in investments, trade, and economic exchange. These ties have flourished, underscoring the substantial economic partnership between the two countries. Kuwait and Turkey have developed a robust and mutually beneficial trade relationship, with significant investments being made in various sectors. The praise from the Turkish trade minister reflects the deepening economic cooperation and the positive impact it has had on both countries, fostering a climate of collaboration and trade expansion.
Bolat pointed out that the volume of Turkish exports to Kuwait amounted to more than $600 million, and 427 Kuwaiti companies invest about two billion dollars in Turkey. “Leading Turkish companies in the field of contracting are implementing about 50 projects in Kuwait with a total value of about $9 billion,” he pointed out.
Simultaneously, concerns were expressed regarding the distressing situation in Gaza due to Zionist attacks, with unprecedented levels of violence and loss of life. Condemnation was voiced for this tragic event, along with wishes for the recovery and healing of the injured. The hope for a two-state solution in the region was emphasized.
Bolat noted that Turkey and Kuwait have played a pivotal role in their journey, serving as a gateway to the Gulf, and from Turkey as a gateway to Central Asia and Europe. The two countries have developed strong bonds of friendship, rooted in deep brotherhood.
“Trade and economic ties between Kuwait and Turkey have continued to flourish. Mutual trade has seen remarkable growth, with prospects for further expansion. Kuwaiti companies have made large investments in Turkey worth billions of dollars, confirming the depth of the economic partnership between them. This enduring friendship is greatly respected, and we extend our sincere thanks for the support and close friendship between Kuwait and Turkey,” he said.
Additionally, Bolat indicated that the collaboration extends to various projects, including tourism, where Kuwaiti tourists have also shown interest in investing in Turkish real estate. “On the defense levels, 18 Turkish armed drones were bought by Kuwait, and there is a legendary project for Kuwait, in addition to the current projects,” he revealed.
Meanwhile, Ambassador of Turkey to Kuwait Tuba Nur Sonmez expressed her country’s eagerness to foster increased cooperation and bilateral trade exchange with Kuwait, emphasizing that trade and investment relations between the two nations are set to play a pivotal role in their future partnership. The ambassador highlighted the substantial growth in the volume of trade between the two countries, signifying an upward trajectory in commercial transactions across various sectors.
President of the Turkish Exporters Assembly (TIM) Mustafa Gultepe provided insight into the Turkish business delegation, comprising 37 companies spanning various sectors. He noted the Exporters Council boasts a membership of over 110,000 from 27 sectors and 61 export councils, adding that their active participation in numerous international conferences reflects the council’s commitment to expanding trade relations with various countries, including Kuwait.
