Mr. Serdar Bacaksız, Head of Turkish Business Delegation

Mr. Firas Al Oda, Deputy Director General of the Kuwait
Chamber of Commerce and Industry

Distinguished members of the Turkish and Kuwaiti business
communities,

Ladies and gentlemen,

It is a pleasure to join you in this
first meeting of Turkish Kuwaiti Business Forum.

As we proudly celebrate this year,
the 60^th anniversary of the establishment of diplomatic relations
between our fraternal nations, the organization of this Forum could not have
been more timely.

Significant steps have recently been
taken in our bilateral relations with Kuwait starting with the landmark visit
of His Highness, Amir Sheikh Meshal to Türkiye last May, whereby our leaders
have decided to elevate our ties to the level of strategic partnership.

This major step was a reflection of
the deep rooted and multifaceted relations we enjoy with Kuwait.

Guided by the visionary leadership
of our countries, His Excellency, President Recep Tayyip Erdoğan and His
Highness, Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the relationship
between Türkiye and Kuwait has always been built on a strong foundation of
solidarity, robust partnership, shared values and perspective on issues of
common concern.

Thus, today’s gathering not only
aligns with the current upward trajectory of our political relations but also
serves as a testament to our commitment to further deepening the existing bonds
with diverse economic activities that will benefit both our nations.

Esteemed Guests,

The business people, the tradesmen
and the entrepreneurs on both sides used to be and still are the key drivers
behind the flourishing collaboration and cooperation in our bilateral economic
relations.

Today, Türkiye and Kuwait work
together across various sectors, including trade, defense, tourism, and
investment. Last year, our bilateral trade volume stood nearly 700 million USD.
Moreover, Kuwaiti investments in Türkiye have reached nearly $2 billion
Dollars, with 427 Kuwaiti companies operating in Türkiye.

In addition, Türkiye’s economic
relations with the GCC countries have made significant progress over the last
20 years. The trade volume with the GCC countries was just 2.1 billion dollars
in 2002. This figure increased to 22.7 billion dollars in 2022 and 31.4 billion
dollars in 2023. By signing the Free Trade Agreement on which the negotiations
are still ongoing between GCC and Türkiye, we will be able to carry these
numbers upwards.

However, these figures fall short of
projecting the real capacity and the potential which remain untapped in our
bilateral economic relations.

Last May, we signed six agreements
in the areas of trade, defense industry and investment. We set an ambitious
target of achieving a trade volume of minimum 5 billion USD.

Needless to say, building up new
networks, connecting businesses in diverse sectors will be a catalyst to
achieve this target.

Hence, the presence of major
companies participating in this Forum representing various sectors, from
finance to, defense, construction, energy, healthcare, agriculture, and
automotive, from both sides represents a valuable opportunity to build upon
these connections and prepare for the next generation of business to business
ties between our countries.

I am confident that the bonds forged
here will pave the way for a prosperous future for both of our nations. As the
Turkish Embassy in Kuwait, we are always ready and happy to contribute to and
facilitate the joint endeavors of our respective business communities.

Before concluding, I would like to
thank the Foreign Economic Relations Board (DEİK) and Kuwait Chamber of
Commerce and Industry for the organization of this important and timely
gathering, and extend my best wishes for the success of this event.

Thank
you for giving me the floor.