Erdogan determined to consolidate ties with Kuwait
The Turkish president visited the Gulf kingdom with the aim of bringing the two countries together, signing an agreement to improve political and commercial ties, and further establish regional development.
Erdogan emphasised the importance of increased co-operation and trade between the two countries. "Kuwait is Turkey's window to the Gulf and Turkey is Kuwait's window to Central Asia and Europe."
Investments on the horizonErdogan also spoke to potential investors, outlining the current government initiatives and favourable property buying conditions that make Turkey such an attractive investment destination. Turkey is currently a popular property investment spot for Kuwaitis, and the government has responded in the last few years by passing laws to ease the buying process. An increase in Kuwaiti tourists has bolstered tourism in Turkey, with numbers up to 133,000 last year.
Erdogan says the need to co-operate with Kuwait is crucial for the continued economic success of both nations. "Kuwait is the gateway to the Gulf region and we mean to bolster our partnership with it," he said. As well as property and finance, there are also opportunities for Kuwaitis to invest in agriculture, health and construction.
Each country confirmed a willingness to increase trade volume to $1 billion next year, with the establishment of a free trade zone. Currently, this figure sits around $569 million. Erdogan emphasised the fact that Turkey's economy has been steadily moving north over the past 12 years, with an average growth rate of 3 percent - even during the recession.
Each country is experiencing a construction boom, which is likely to help bolster commercial relations between the two nations. Turkish contractors have won several large construction projects in Kuwait, including the building of a new terminal at Kuwait International Airport.