Trade exchange between Turkey and Kuwait during 2022: Expectations exceed 800 million dollars

Learn about the volume of trade exchange between Turkey and Kuwait and the economic relations between the two countries through the following news on Imtilak Real Estate.

During his reception of a delegation from the Turkish Embassy at the headquarters of the Investment Companies Union in Kuwait, headed by Ambassador Tuba Sonmez, the Vice President of the Investment Companies Union in Kuwait, Mr. Abdullah Al-Turkit, expressed his expectation of an increase in the volume of trade exchange between Turkey and Kuwait, surpassing the threshold of 800 million dollars by the end of this year.

According to figures issued by the Turkish Statistical Institute, the value of trade exchange between Turkey and Kuwait during this year may exceed previous years, which reached 700 million in 2019, 600 million in 2020, and rose to 800 million dollars in 2021.

Expectations of an increase in GDP growth in Turkey and Kuwait

Al-Turkit pointed out that the rise in recorded figures of trade exchange value between Turkey and Kuwait in recent years indicates a sustainable development in commercial relations between the two countries, which are expected to witness an increase in GDP growth at a rate of 8.2% in Kuwait and 4% in Turkey.

Al-Turkit focused on the significant growth achieved by Turkey in the G20, where it reached the second rank, and has many opportunities that Kuwaiti investors can benefit from.

He explained that the Investment Companies Union in Kuwait is fully prepared to arrange a visit for a delegation of Kuwaiti investors to meet Turkish companies and learn about investment projects in Turkey, while also welcoming Turkish investors to visit Kuwait.

He added that the strength of Kuwaiti-Turkish economic relations, and the past and present successes, contribute to paving the way for a bright future and launching greater cooperation on all commercial, cultural, diplomatic, and educational levels, leading to the spread of peace and prosperity in the Middle East.

He continued that everyone notices the consolidation of cooperation concepts between Kuwait and Turkey annually, and the expansion of effective communication channels through broadening the scope of economic activity, whether in terms of trade exchange, tourism, or direct investment.

Signing more cooperation protocols between the two countries

On the other hand, the Turkish Ambassador to Kuwait, Ms. Tuba Sonmez, confirmed that the State of Kuwait possesses financial and investment qualifications and capabilities that are not known to many Turkish investors, which requires the need for communication between officials on both sides, noting that Turkey is looking forward to signing more cooperation protocols and trade exchange between the two countries.

It is worth mentioning that there has been significant development in Turkish-Kuwaiti relations in recent years, with frequent mutual visits by businessmen, ministers, and investors between the two countries.

It is also worth noting that Turkey receives large numbers of Kuwaiti visitors who come for tourism or real estate investment, as they prefer to own property in the Sapanca area, which is easily accessible from the nearby Sabiha Airport.

Edited by: Imtilak Real Estate©

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