Prime Min­is­ter hosts Turkey’s Li­mak chair­man in Is­tan­bul

‘Kuwait ea­ger to at­tract more in­vest­ment from Turkey’

Kuwait Times - - LOCAL -

His High­ness the Prime Min­is­ter Sheikh Jaber Al-Mubarak AlHa­mad Al-Sabah re­ceived Chair­man of Turk­ish Li­mak Hold­ing com­pany Ni­hat Ozdemir and his ac­com­pa­ny­ing del­e­ga­tion in Is­tan­bul yes­ter­day. The meet­ing was at­tended by First Deputy Prime Min­is­ter and Min­is­ter of For­eign Af­fairs Sheikh Sabah Al-Khaled Al-Ha­mad AlSabah, Di­rec­tor Gen­eral of Kuwait Di­rect In­vest­ment Pro­mo­tion Au­thor­ity Sheikh Dr Me­shaal Jaber Al-Ah­mad Al-Sabah and Kuwaiti Am­bas­sador to Turkey Ghas­san Al-Zawawi. Li­mak is one of the com­pa­nies contributing to devel­op­ment schemes in Kuwait, and is cur­rently car­ry­ing out the new ter­mi­nal project at Kuwait In­ter­na­tional Air­port.

Ear­lier yes­ter­day, His High­ness the Prime Min­is­ter re­ceived head of the del­e­ga­tion of Kuwait Cham­ber of Com­merce and In­dus­try (KCCI) Ab­dul­lah Al-Homei­dhi and del­e­ga­tion mem­bers in Is­tan­bul. The meet­ing dis­cussed the role of Kuwait’s pri­vate sec­tor in boost­ing trade with Turkey. The meet­ing was at­tended by Sheikh Sabah Al-Khaled, as well as Deputy Prime Min­is­ter and Min­is­ter of Fi­nance Anas Al-Saleh, as well as Min­is­ter of Com­merce and In­dus­try and Act­ing Min­is­ter of State for Youth Af­fairs Khaled Al-Roud­han.

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.

Roud­han 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 Fi­nance Min­is­ter 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 Kuwait­iTurk­ish re­la­tions are posed to open new hori­zons for the part­ner­ship marked with pros­per­ity and mu­tual ben­e­fit thanks to the huge po­ten­tials of both economies, 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 to $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 mil­lion­worth 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.

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 on the side­lines of the fo­rum, 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 fast-grow­ing 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 AlHa­mad Al-Sabah, not­ing that eco­nomic is­sues fea­tured promi­nently on the agenda of the visit. —KUNA

IS­TAN­BUL: His High­ness the Prime Min­is­ter Sheikh Jaber Al-Mubarak Al-Ha­mad Al-Sabah meets with Chair­man of the Turk­ish Li­mak Hold­ing Com­pany Ni­hat Ozdemir and his ac­com­pa­ny­ing del­e­ga­tion in Is­tan­bul. —KUNA

His High­ness the Prime Min­is­ter Sheikh Jaber Al-Mubarak Al-Ha­mad AlSabah meets with head of the del­e­ga­tion of Kuwait Cham­ber of Com­merce and In­dus­try (KCCI) Ab­dul­lah Al-Homei­dhi.

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