Trade Min.: Turkiye Seeks USD 5 Bln Investment With Kuwait

11/8/2023 1:05:10 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 7 (KUNA) -- Turkish Minister of Trade Omar Polat said on Tuesday that his country is seeking to raise the volume of investment with Kuwait to USD five billion.
This came in a news conference held Tuesday late following the opening of the commercial authority program at the Turkish Embassy, in the presence of Kuwait's Minister of Trade and industry and the Minister of State for Youth Affairs Mohammad Al-Aiban and with the participation of 100 Turkish businessmen.
The Turkish minister stressed that Kuwait is a major economic, financial and oil power in the Gulf region and the Middle East.
Polat indicated that his country plans to increase oil purchases from Kuwait and Kuwait's purchases from Turkey including clothing, car spare parts, iron and steel products, and defense projects as well as others that will enable the two sides to achieve this number in the near future.
He elaborated that Kuwait's investment in Turkiye constitutes the backbone of the economic relations between the two countries, lauding commercial ties between them.
He said that Kuwait has an economic vision for 2035, including some important economic projects, most notably a large port, a huge free zone, and a number of giant development projects.
On relations with Muslim countries, the Turkish minister stressed that Turkey is working on enhancing relations with those countries and ensure more economic integration with African countries.
He revealed that the volume of Arab and Islamic investment in Turkey amounted to USD 50 billion out of USD 285 billion in Turkey.
As for foreign investment in Turkey, he said there are 85,000 international companies making direct investment, while they were about 5,000 21 years ago.
About 20 years ago, the number of tourists was 12 million annually, he said, hoping that tourists coming to Turkey will reach up to 56 million. Tourism revenue is expected between USD 55 and 56 billion, he noted.
The program inaugurated earlier in the day by the minister aims to develop bilateral trade cooperation and enhance commercial trade between the two countries. (Pickup previous)
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