Trade Relations Soar: Kuwait’s Surplus with Turkey Up 32.9% in 2022

Min. Al-Aiban highlights strategies to overcome global trade challenges

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KUWAIT CITY, Nov 7: Kuwait Commerce and Industry Minister as well as State Minister for Youth Affairs Mohammad Al-Aiban said on Tuesday that the trade surplus with Turkey reached USD 1.064 billion in 2022, with an increase of 32.9 percent over 2021. In a speech delivered during the opening of the “Commercial Authority” program held at the Turkish Embassy, he said, “We are witnessing a positive and fruitful transformation in the bilateral relation through the increase in economic, commercial, and investment cooperation between the two countries”. He noted that the challenges faced by global trade such as strikes on supply chains, restrictions on transport, bans on imports and exports, and shortages of goods led to devising means, plans, and projects that guarantee success during crises and enhance sufficient flexibility for the economy and global trade to overcome these obstacles.

Kuwait Commerce and Industry Minister as well as State Minister for Youth Affairs Mohammad Al-Aiban

“We are here today to review trade opportunities between the two countries and to review the latest developments in this regard, I’m sure that this event will witness fruitful and effective discussions to enhance cooperation and partnership between the government and private sectors, and looking forward to seeing their positive results benefit Kuwait and Turkey and their people,” he explained. He pointed out that Kuwait has taken many steps to improve the business environment in the country, such as simplifying the procedures for establishing companies and reducing the time and effort to obtain needed licenses and work permits, as everything has become available through digital portals for commercial licenses.

Kuwait also improved and simplified business-related laws and regulations to be more transparent and easy to apply, as well as financing small and medium enterprises to encourage entrepreneurship, and provide job opportunities through the National Fund for the Development of Small and Medium Businesses, the Minister added. He stressed that Kuwait worked to expand economic openness and strengthen trade relations with other countries to enhance trade exchange, provide investment opportunities, and exchange the expertise required to improve the quality of the business environment. “We realize that there are many investing opportunities that are available between both countries and need to enhance joint action to achieve them, we are here today to exchange ideas, expertise, and experiences,” he added. He stated, “Today we aim to identify more investment opportunities, as the Kuwaiti government pays great attention to the private sector as one of the main pillars that work to stimulate the economic growth process”.

He stressed that this work would have a positive impact on the future vision of the State of Kuwait and transform it into a financial and commercial center in the region. He said that it is our responsibility today to address many challenges, such as global political stability, food security, the challenges of climate change, and new commitments to development. Following the opening, the Kuwaiti Minister of Commerce is scheduled to meet with Turkish Trade Minister Omar Polat to discuss developing economic cooperation between the two countries. According to the visit schedule, the Turkish minister will meet with the Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak.

The “Commercial Authority” program, in which about 100 Turkish businessmen participate in coordination with the Turkish Ministry of Commerce, aims to develop means of bilateral trade cooperation. In addition, Turkish companies will meet with Kuwaiti businessmen to provide the appropriate atmosphere to strengthen trade relations between the two countries. (KUNA)

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