Kuwait – Turk Success Story Encouraged Others to Enter the Turkish Market

Private Sectors Partnership Activates Opportunities and Advantages for Both Sides

Kuwait Finance House Chairman Mr. Hamad Abdul Mohsin Al Marzouq praised Tukish Gov. endeavor to attract investors especially Kuwaitis and GCC citizens. He stressed on the deep rooted historical relations between Kuwait and Turkey and the continuous efforts of the political leaderships in both countries to strengthen and encourage relations between the two countries and achieve mutual interest. Turkey has provided several facilities to achieve economic cooperation and commercial exchange between the two countries, thus granting the private sector the opportunity to play a leading role in achieving this goal.

Al Marzouq affirmed, in a speech delivered during the dinner party held in honor of the Turkish Minister of Economy Mr. Nehat Zeybekci and the accompanying delegation and in presence of several Kuwait and Turkish businessmen and investors, his trust in the Turkish economy in regard to performance and capabilities. These elements would open the door thus for investors to avail new opportunities. The government is highly interested in establishing clear and appropriate legal and organizational structure. He emphasized that there are great opportunities to develop and grow economic relations between Kuwait and Turkey. Both countries have given the economic file their utmost attention. Ankara government has provided several facilities to investors including projects and investments thus giving the private sector in both countries the opportunity to achieve their goals. Kuwaiti banks have commenced recently their investment activities in the Turkish market. Some Kuwaiti companies have achieved great success e.g. Al-Shayaa group.

Al Marzouq emphasized that the Turkish government has provided several legislative and regulatory facilities on continuous and balanced basis. These efforts were the corner stone in achieving this economic shift and paving the way for the private sector to play a significant role in traditional and untraditional economy. He indicated that the Turkish initiative adopted 3 years ago to pass the Sukuk bill, due to the increasing worldwide demand on this product, affirms the efforts exerted by the Turkish financial authorities monitor global economic developments especially Islamic banking which has become an integral part thereof.

He added that the efforts exerted by the private sector in both countries still need further coordination and organization in order to benefit from the several major opportunities which the Turkish market has provided considering the large financial surpluses in Kuwait and GCC countries. Furthermore, cooperation must be established and turned into partnership between the two sides to benefit from mutual expertise and capabilities. We aim to achieve further growth and expansion in the coming period by making long term strategic investments that add value and achieve mutual interest. This type of long term strategic investment should not be subject to circumstances but should be based on solid strategy and clear vision. The main target is to realize profit with lowest risk.

Al-Marzouq reiterated that his speech is based on an actual realistic model i.e. KFH-Turkey which has recorded average growth approximating 20-30 % and total assets TL 40 Billion with 320 branches spanning Turkey. The bank has also obtained the license to operate a full-fledged bank in Germany which will start its operations and services this coming July

Al Marzouq indicated the significant role which – turkey plays through its participation in supporting cooperation, coordination and commercial exchange among Turkey, Kuwait and GCC countries. He emphasized that this is one of the most significant methods to achieve cooperation among governments in the region. The bank has adopted several projects and invited several businessmen and investors from both sides , fostered several forums and conferences regarding investment opportunities and advantages in Turkey. Turk Capital, KFH subsidiary, is also expanding mutual investment lines and achieving remarkable results in the Turkish market. This may be attributed to the investment policies and programs adopted by the Turkish government.

Al Marzouq highlighted the significance of the high level visits made between the two countries at all levels in addition to exhibitions, conferences and forums held from time to time. The 10th Turkish-Arab Forum was held recently in Turkey with the participation of a large number of businessmen, investors and officials from both sides. The forum aimed at strengthening all aspects of economic cooperation and commercial exchange between Kuwait, Turkey and Arab countries as the development of common interests and strengthening cooperation is the best means to promote harmony and achieve political stability among nations.