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Kuwait’s investments in Turkey hit $5bn

Bilateral trade has also risen five times compared to 2003

Kuwait’s public and private investments in Turkey amounted to $5 billion, reports Kuwait news Agency (KUNA) citing a senior official.

Abdulwahab Al Wazzan, deputy chairman of the Kuwait Chamber of Commerce and Industry (KCCI), made his remarks during a meeting for Kuwaiti and Turkish businessmen at Bayan Palace on Tuesday.

Al Wazzan says bilateral trade has also risen five times compared to 2003, pointing to wide-ranging and promising opportunities for promoting economic cooperation in various sectors.

He notes that Kuwait’s national development plan grants the private sector a leading role in effectively developing relations with the Turkish private sector, with all of its potential, experience and partnerships.

The KCCI senior official states that Kuwait has issued significant economic legislations that have enhanced international cooperation and openness on its projects and investments, which, in turn, have led to an improved environment conducive for investment.

Al Wazzan also referred to a “strategic cooperation” plan between both the countries.

The plan is not limited to infrastructure projects, but also includes promoting education, health services and knowledge to help enhance bilateral scientific, technical and technological cooperation, Al Wazzan says.

In the beginning of the week, Turkish president Recep Tayyip Erdogan visited Kuwait with representatives of the Turkish private sector to help bolster bilateral economic ties.

The bilateral trade between Turkey and Kuwait came to only $569 million in 2014. Erdogan hopes this figure can be increased to $1bn in 2016, when a free trade zone between Turkey and the GCC is established.