The Ambassador of the Republic of Turkey to Kuwait, Toby Sonmez, affirmed that “Turkey and Kuwait share similar visions on regional issues, and both countries support any efforts aimed at promoting peace and stability in the region.”
The Turkish envoy told Al-Rai that “the volume of trade exchange between the two countries increased in 2021 by 31.5 percent and reached 801 million dollars, while the volume of our trade reached 955 million US dollars in 2022,” pointing to the presence of about 50 Turkish companies operating in Kuwait, mainly in the construction, home textile, apparel, perfume, jewelry and services sectors.
She pointed out that Turkey has a developed industry, and recently produced its electric car called TOGG and began supplying it to the local market, and added Turkey has production capacity in almost all aspects of industrial sectors, including heavy sectors.
Sonmez explained, “Turkey is a global giant in the pharmaceutical industry and exports medicines to 180 countries, with 105 production facilities, about 785 companies and more than 42,300 employees. Our industry produces more than 14,000 high-quality products, and some of our brands are world famous.”
She went on to say, “The Turkish medical device market has also witnessed significant growth recently, as it increased about 3 times in the past five years and reached a volume of $2.4 billion in 2020, while the Turkish in-vitro diagnostics (IVD) market almost doubled on the basis of testing, as it increased the market size almost 4 times with current prices.
The total number of Turkish companies operating in the medical device and IVD sectors is more than 11,000 and employs about 50,000 people.
“Turkey became a member of the Pharmaceutical Inspection Cooperation Scheme (PIC/S) in 2018. So we are keen to become a trusted provider of affordable medicines and medical devices in Kuwait,” she added.
On the cultural level, she said, “Our region has hosted many well-established civilizations for thousands of years, and it is almost a mosaic of cultures. Turkish TV serials are very popular in Kuwait and there is a remarkable interest among Kuwaitis to learn the Turkish language.”
Speaking of the tourism sector, Sonmez said, “About half a million Kuwaitis visited Turkey last year,” pointing out that Kuwaitis love to explore and enjoy new places that tourists from other countries may not know. Here the cultural similarities and fraternal relations between our peoples play a supporting role.”
Sonmez said 427 Kuwaiti companies are active in Turkey and investments have reached approximately $2 billion, mainly in financing, insurance, real estate development, food and beverages, and the retail sector. Some Kuwaiti funds and private equity firms also invest in Turkish companies as financial investors, she added.
On an individual level, Kuwaitis mainly invest in real estate and agricultural sectors, preferring Istanbul, Bursa, Yalova and Kusadasi.