Türkiye, Kuwait sign 6 key agreements to boost economic cooperation
President Recep Tayyip Erdogan’s discussions with Kuwait’s State Emir Sheikh Meshaal Al Ahmad Al Jaber Al Sabah culminated in the signing of six pivotal agreements, marking a significant stride towards fortifying economic ties
In a bid to enhance economic ties and foster collaboration, President Recep Tayyip Erdogan engaged in high-level discussions with Kuwait’s State Emir Sheikh Meshaal Al Ahmad Al Jaber Al Sabah at the Presidential Complex.
The talks, which delved into various aspects of bilateral relations, underscored the importance of revitalizing the Joint Economic Commission Mechanism between the two nations.
During the meeting, President Erdogan reaffirmed Türkiye’s unwavering support for Kuwait’s sovereignty, territorial integrity and security.
Emphasizing the significance of robust communication and collaboration, Erdogan highlighted the potential for increased cooperation between the Gulf Cooperation Council and the Organization of Turkic States, with Kuwait’s pivotal role in facilitating such endeavors.
One of the focal points of the discussions was the aim to elevate the bilateral trade volume to $5 billion. To achieve this ambitious target, both leaders inked six pivotal agreements.
Agreements cover wide array of sectors
The Turkish Presidency Investment Office and Kuwait Investment Authority have signed a memorandum of understanding (MoU) to strengthen cooperation in promoting investments, aiming to bolster economic ties between the two nations.
Additionally, the Ministry of Trade’s Free Zones General Directorate and Kuwait’s Direct Investment Promotion Authority have inked an MoU to boost collaboration in free zones, with the goal of enhancing investment and trade opportunities.
In the realm of environmental and urban development, an MoU was signed between the Ministry of Environment, Urbanization and Climate Change and Kuwait’s Ministry of Housing, aiming to support housing welfare and infrastructure development, fostering urban growth.
Furthermore, the Ministry of Interior’s Disaster and Emergency Management Authority has signed an MoU with Kuwait’s Ministry of Interior Civil Defense General Directorate to strengthen collaboration in disaster and emergency management, improving responses to natural calamities.
In the defense sector, the Presidency of Defense Industries and Kuwait’s Ministry of Defense have established an Implementation Protocol on State-to-State Defense Industry Supply Contracts. This protocol aims to boost joint project development and technology transfer capabilities in defense.
A significant MoU was signed between Ministry of Foreign Affairs and Kuwait’s Ministry of Foreign Affairs to establish a Joint Strategic Dialogue, paving the way for continuous communication and collaboration between the two nations.
The agreements signify a significant step forward in deepening the economic and strategic partnership between Türkiye and Kuwait, setting the stage for enhanced cooperation across various sectors and the realization of shared objectives.
Source: Newsroom
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