Turkish economy board launches investment report for Kuwait, Turkey

ANKARA

The Foreign Economic Relations Board of Turkey (DEİK) on Nov. 4 launched a report via a webinar on Bilateral Trade and Foreign Direct Investment for Kuwait and Turkey.

DEİK and Turkey-Kuwait Business Council prepared the report aiming to provide business circles, potential investors, and decision makers both in Kuwait and in Turkey a practical guide to take forward their business plans to new horizons, Ebru Özdemir, the chair of Turkey-Kuwait Business Council, said in the event.

She stressed: "The report encompasses a general picture of Turkey-Kuwait bilateral economic cooperation and latest developments in the relations.

"It also highlights key sectors and potential areas of investment for both countries and for both business circles."

Özdemir added that the report aims to draw the way forward for Turkey and Kuwait in the economic sphere.

Burak Dağlıoglu, the head of Turkey's Investment Office, said the report aims to provide an overview of the investment landscape in Turkey and Kuwait.

"I hope that this report will be a roadmap for the development of mutual trade and investments," he added.

He also stressed: "A resilient and fast-growing economy, Turkey offers business-friendly policies, deep talent pool, and global market access at the nexus of Europe, Asia, and Africa to attract sustainable FDI (foreign direct investment)."

Nail Olpak, the head of DEİK, said all countries are having difficult times due to the pandemic, while there are also some basic lessons learned that have been forcing people to develop new practices.

"The first point is the negative impact of globalization which put all of us bounding one or limited suppliers, however as of now, the whole business world is trying to have alternative supply scenarios," he said.

"I believe, the winners of this period will be the ones who kept on going with an uninterrupted supply chain and gave enough trust to the counterparts," he said, adding: "As the Turkish business community, we had and still have an uninterrupted supply chain from the beginning of the outbreak, so we’re eager, and we desire to have much more bilateral economic relations, including direct investments with Kuwait."

Ayse Hilal Sayan Koytak, Turkey's ambassador to Kuwait, said at the event that economic and commercial cooperation is at the core of Turkey-Kuwait relations.

So, by launching a report on bilateral trade and foreign direct investment, the Business Council is again underlining a crucial aspect of the bilateral ties, she highlighted.

"Currently, there are 383 companies in Turkey having Kuwaiti investors. The total foreign direct investment inflows from Kuwait to Turkey between 2002 and 2020 already passed $2 billion," she added.