ISTANBUL - Turkish Finance Minister Kemal Unakitan said Friday commercial relations between Turkey and Kuwait could not be boosted due to the situation in Iraq.
Unakitan met Kuwaiti Minister of Industry & Trade Falah al-Hajiri in Ciragan Palace in Istanbul. Following the meeting, a protocol on the 7th term meeting of Turkey-Kuwait Joint Economic Commission (JEC) was signed.
Trade volume between the two countries is expected to reach 300 million USD by the end of this year, Unakitan said. "We should improve the infrastructure to boost this figure. Trade volume could not be boosted due to the situation in Iraq. Neighboring countries are exerting great efforts for stability in Iraq. We want to sign a free trade agreement with Gulf Cooperation Council," he said.
Direct foreign investments in Turkey amounted to 20 billion USD last year and it would be a similar amount this year, Unakitan said. "We're glad that Kuwaiti investors also make good use of opportunities in Turkey," he stated.
On the other hand, al-Hajiri said they were eager to boost trade volume with Turkey.
Turkey has a dynamic private sector, al-Hajiri added.
Meanwhile, the 8th term meeting of Turkey-Kuwait JEC will take place in Kuwait in 2008.