Erdoğan calls for Kuwaiti cooperation on construction, banking

KUWAIT CITY – Anadolu Agency

AFP Photo

Turkish President Recep Tayyip Erdoğan has told Kuwaiti businesspeople that Turkey is ready to take part in the construction sector in the Gulf nation, as Islamic banking remains a strong field of cooperation. 

Erdoğan said April 28 during a meeting in Kuwait City that he had learned the Gulf country was preparing for a breakthrough in the construction sector. 

“Turkey has a large experience in the sector and is ready to share it with Kuwait,” he said.  

The president also highlighted that three Turkish state lenders – Ziraat, Vakıfbank and Halkbank – were bidding to launch Islamic banking branches. 

“With the foundation of these arms, participation banking will reach a nearly 25 percent share in the whole banking sector in Turkey,” he said. 

Erdoğan also welcomed opportunities offered by Kuveyt Türk, the Turkey-based Kuwaiti bank, to the Kuwaiti people in buying property in Turkey. 

“No foreign investor has ever been disappointed or regretted the investments he made in Turkey,” Erdoğan said. 

Kuwaiti businesses have invested close to $2 billion in Turkey, he said. “It is far below target.”

He told Kuwaiti business leaders that the two countries aimed to increase the trade volume from $569 million this year to $1 billion in 2016.

Following a meeting with Emir Sabah al-Ahmad al-Jaber al-Sabah, Erdoğan said, “Kuwait is Turkey’s window to the Gulf and Turkey is Kuwait’s window to Central Asia and Europe.”