Al-Roud­han keen to at­tract more Turk­ish ‘in­vest­ments’

Kuwait’s plan to be­come re­gional com­mer­cial, fi­nan­cial hub

Arab Times - - LOCAL -

IS­TAN­BUL, Sept 16, (KUNA): Kuwaiti Min­is­ter of Com­merce and In­dus­try Khaled Al-Roud­han on Fri­day called on Turk­ish in­vestors to tap into the promis­ing op­por­tu­ni­ties in his coun­try’s eco­nomic de­vel­op­ment plan.

Kuwait’s plan to be­come a re­gional com­mer­cial and fi­nan­cial hub in­cludes am­bi­tious projects that pro­vide am­ple op­por­tu­ni­ties for Turk­ish in­vestors, he said.

Al-Roud­han, also act­ing min­is­ter of state for youth af­fairs, made the com­ments in a speech to the Is­lamic Fi­nance News (IFN) Tur­key Fo­rum 2017.

The fo­rum, be­ing held at Crowne Plaza Is­tan­bul Orya­park, gath­ered Kuwait’s Deputy Prime Min­is­ter and Min­is­ter of Fi­nance Anas Al-Saleh, Turk­ish Min­is­ter of Econ­omy Ni­hat Zey­bekci and Board Chair­man of Borsa Is­tan­bul Him­met Karadag as well as se­nior eco­nomic de­ci­sion-mak­ers and busi­ness lead­ers from both coun­tries.

The Kuwaiti-Turk­ish re­la­tions are posed to open new hori­zons for the part­ner­ship marked with pros­per­ity and mu­tual ben­e­fit thanks the huge po­ten­tials of both economies, Al-Roud­han said. Tur­key en­joys a re­silient econ­omy and unique ge­o­graph­i­cal lo­ca­tion that pro­vides gate­way for Kuwaiti in­vestors to Europe, he noted.

The State of Kuwait is proud of open eco­nomic pol­icy and deep-rooted re­la­tion­ship with Tur­key which was strength­ened by nu­mer­ous pacts in the eco­nomic and com­mer­cial ar­eas.

The bi­lat­eral trade vol­ume hit $1.28 bil­lion last year with the Kuwaiti ex­ports to Tur­key amount­ing for $846 mil­lion and the im­ports worth $431 mil­lion, the min­is­ter said, voic­ing hope that the trade vol­ume will rise to $1.5 bil­lion by the end of 2017.

Kuwait is Tur­key’s largest in­vestor from the Gulf re­gion in the real prop­erty sec­tor. Kuwaiti in­vestors own more than 6,000 real prop­erty, in­clud­ing 1,640 that were bought in 2016.

Tur­key is the 14th largest ex­porter to Kuwait in Q3-2016 with $120 mil­lion-worth ex­ports and the 15th largest im­porter from Kuwait with nearly $19 mil­lion im­ports.

A to­tal of 280 Kuwaiti in­vestors do busi­ness in Tur­key in ad­di­tion to 388 branches of Ku­veyt-Turk Bank - a pri­vate joint ven­ture of where Kuwait Fi­nance House (KFH) has 62.24 per­cent stake.

The to­tal value of Kuwaiti di­rect in­vest­ment in Tur­key amounts to $1.7 bil­lion, the min­is­ter went on.

On the other hand, Turk­ish com­pa­nies in­vest in 30 projects in Kuwait, in­clud­ing the project to up­grade Kuwait In­ter­na­tional Air­port where Li­mak Con­struc­tion was awarded a $6.3 bil­lion worth con­tract.

On his part, Turk­ish min­is­ter of econ­omy said the eco­nomic part­ner­ship with Kuwait grew re­mark­ably in the re­cent years thanks to the top-level visit ex­changes.

Zey­bekci noted, in his ad­dress to the gath­er­ing, that Turk­ish Pres­i­dent Re­cep Tayyip Er­do­gan plans to visit Kuwait soon and His High­ness the Amir of Kuwait Sheikh Sabah Al-Ah­mad Al-Jaber Al-Sabah will visit Tur­key in re­turn.

Tur­key strives to be­come the world’s sec­ond fastest grow­ing econ­omy af­ter its ex­ports hit $170 bil­lion, he said, voic­ing hope that the trade ex­changes with Kuwait will grow fur­ther this year and meet the as­pi­ra­tions of both sides.

Tur­key and the Gulf Co­op­er­a­tion Coun­cil (GCC) mem­ber states are work­ing on a free trade agree­ment, Zey­bekci added.

In later state­ments to KUNA on the side­lines of the fo­rum, Al-Roud­han praised Tur­key as a strate­gic eco­nomic depth for Kuwait.

He called on in­vestors from the GCC states to seize the promis­ing chances in the fast­grow­ing econ­omy of Tur­key.

The Kuwaiti min­is­ter lauded the out­comes of the re­cent visit to Ankara by His High­ness the Prime Min­is­ter of Kuwait Sheikh Jaber Al-Mubarak Al-Ha­mad Al-Sabah, not­ing that eco­nomic is­sues fea­tured promi­nently on the agenda of the visit.

KUNA photos

Top: Min­is­ter of Com­merce and In­dus­try and Act­ing Min­is­ter for Youth Af­fairs Khaled Al-Roud­han dur­ing a meet­ing of the Turk­ish Eco­nomic Fo­rum held in Is­tan­bul. Above: Min­is­ter Khaled Al-Roud­han with Turk­ish Min­is­ter of

Econ­omy Ni­hat Zey­bekci and se­nior of­fi­cials dur­ing the Turk­ish Eco­nomic Fo­rum.

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