Turkiye announces $5B investment boost in Kuwait for bilateral growth

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KUWAIT CITY, Nov 8, (Agencies): Turkiye is gearing up to boost its investments in Kuwait to the tune of $5 billion, in a strategic move aimed at fortifying economic cooperation and fostering increased bilateral trade. Turkish Minister of Trade, Omer Bolat, made this significant announcement during a press conference on November 7, underscoring the government’s unwavering commitment to expanding economic ties and mutual growth with the Gulf nation, as reported by the Kuwait News Agency.

Minister Bolat emphasized Kuwait’s pivotal role as an economic, financial, and oil powerhouse in the Middle East. He stressed Turkiye’s dedication to augmenting oil imports from Kuwait and enhancing bilateral procurement, recognizing the substantial opportunities for collaboration between the two nations.

This announcement coincided with the launch of the Commercial Authority program at the Turkish Embassy in Kuwait, signifying a significant expansion encompassing a wide array of products. These products range from clothing and automotive spare parts to iron and steel goods, defense projects, and various other items, all aimed at facilitating trade exchanges in the near future.

Minister Bolat applauded the strong commercial relations between the two states and highlighted the vital role of Kuwait’s investments in Turkiye, forming the backbone of the economic ties between the two parties. He also noted Kuwait’s economic vision for 2035, which includes ambitious initiatives like a large port, a vast free zone, and various development projects.

Commenting on Turkiye’s relations with Muslim states, Minister Bolat emphasized the ongoing efforts to enhance ties with these countries while fostering greater economic integration with African nations. He underscored that Arab and Islamic investments in Turkiye have amounted to $50 billion out of a total of $285 billion.

Regarding foreign investment in Turkiye, Minister Bolat pointed out the significant increase in international companies engaged in direct investments in the country. He noted that there are now 85,000 such companies, a substantial surge compared to the approximately 5,000 present nearly two decades ago.

Addressing the tourism sector, he expressed optimism, stating that the annual number of tourists visiting Turkiye has increased significantly in recent years, with expectations of reaching up to 56 million visitors. This boost in tourism is projected to generate revenue between $55 and $56 billion.

On the Kuwaiti side, Minister of Trade and Industry and Minister of State for Youth Affairs, Mohammad Al-Aiban, highlighted the growth in the volume of business exchange between Kuwait and Turkiye in 2022. He noted that the trade volume reached approximately $1.06 billion, representing a substantial increase of 32.9 percent compared to the previous year.

Minister Al-Aiban emphasized the positive trajectory of the Kuwait-Turkiye relationship, attributing it to the expanding economy, trade, and investment ties between the two countries. He underlined the government’s emphasis on the private sector as a key driver of economic growth, expressing the government’s eagerness to attract foreign investors and provide them with incentives through the Kuwait Direct Investment Promotion Authority.

Minister Al-Aiban also pointed out various global challenges, including political stability, food security, climate change, and the commitment to sustainable green development. He emphasized the need for increased efforts and dedication in the collaboration between Kuwait and Turkiye to address these challenges and seize investment opportunities.

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