Turkey, Kuwait eye more cooperation in business

Turkey, Kuwait eye more cooperation in business

ISTANBUL - Anatolia News Agency
Turkey, Kuwait eye more cooperation in business

Turkish Minister of Finance Mehmet Şimşek (L) and Kuwaiti Minister of Commerce and Industry Anas al-Khalid al-Salih attend the business council. AA photo

Kuwait and Turkey’s business cooperation would be a win-win relationship as Turkey’s energy demand is growing very fast and Kuwait is one of the major energy suppliers, the two countries’ ministers said April 19. Kuwait could benefit from rising investment fields in Turkey including the health and banking sectors.

The countries’ economies complement each other, Turkish Finance Minister Mehmet Şimşek said April 19 during his speech at the Turkish-Kuwaiti Business Council held in Istanbul.

Şimşek met with Kuwaiti Minister of Commerce & Industry Anas al-Khalid al-Salih over a working breakfast held as part of the council in Istanbul before attending the meeting. 

During the meetings, both ministers discussed the fields that offer stronger bilateral business potential in detail and addressed investments in both directions. 

The Kuwaiti minister said they would simplify the procedures that create obstacles to Turkish business people’s investments in Kuwait.

“In addition to the construction sector, we wish to see Turkish investors in all sectors of Kuwait,” al-Salih said. “We want to see the Turkish private sector in Kuwait. While there may be certain obstacles, we will do everything possible to end those obstacles in Kuwait. Once we accomplish this, companies from Turkey will enter Kuwait,” al-Salih said. “We need to make more fairs and meetings in both Turkey and Kuwait. Relations between the private sectors of our two countries must be promoted,” al-Salih also said.

Tax-free investments

The Turkish minister also vowed to create an almost tax-free investment environment for Kuwaiti investors.

“If a Kuwaiti company comes to Turkey and produces a product that Turkey normally imports, it will exempted from custom duties, value-added tax and the government will provide free land and many opportunities,” he said. 

“Our Kuwaiti brothers should see Turkey as a center of investments,” he said. He called Kuwaiti bosses to invest in the energy, health, infrastructure and education sectors, which Turkey plans to invest around $350 billion in itself within next 10 years. 

He laid a special emphasis on the energy sector, considering that Kuwait, an OPEC member country, is one of the world’s top producers and exporters of crude oil. The energy resource-rich country has the world’s sixth largest oil reserves and is one of the 10 largest exporters of all oil products, according to data provided by the U.S. Energy Information Administration. 

“Turkey’s energy demand is growing fast. Kuwait is a major energy producer. There can be cooperation in this field,” Şimşek said.