Minister calls for Kuwaiti businesspeople to invest jointly with Turkish counterparts
Hacer Boyacıoğlu - KUWAIT CITY
AA photoTurkish Development Minister Lütfi Elvan has invited Kuwaiti businesspeople to make investments jointly with their Turkish counterparts, during a two-day visit to the Gulf.
Noting that Kuwait planned to make some $150 billion worth of investments between 2015 and 2020, mainly in the infrastructure, health and transportation sectors, Elvan said that Turkish companies wanted to take part in these investments.
“Turkey is the gate for Kuwait to enter into Europe. Kuwait is the gate for Turkey for the Gulf. The more we work together, the stronger we will be,” he said during the visit along with a delegation also comprised of deputies from the Republican People’s Party (CHP) and the Nationalist Movement Party (MHP).
Elvan noted that Turkey has been among the top countries in which the Gulf countries made investments with around $16.9 billion.
“The Kuwaiti-Turkish ties have been growing at a rapid pace… While Kuwaiti businesses have around $2 billion investments in Turkey in volume, their Turkish counterparts make a total of 30 projects worth $6.3 billion,” he said, while also referring to the Kuwait International Airport project, which was undertaken by Turkey’s Limak.
He said that the project, which was projected to be completed in six years, will be completed by the company in 3.5 years.
Citizenship status to foreign investors
Elvan also noted that Turkey offers one-year residence permit to foreigners who buy property in Turkey, and a permanent residence permit to those who keep their properties in the country for a consecutive eight-year period.
“We are working on a new regulation. With this bill, we plan to offer citizenship status to foreigners who invest in Turkey above a particular volume,” he added.