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Kuwait is one of the important markets for Turkish exporters and contractors in Gulf region.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Kuwait signed a number of agreements. Agreement on Economic, Industrial and Technical Cooperation (1982), Bilateral Investment Promotion and Protection Agreement (2010) and Double Taxation Prevention Agreement (1999).
The Turkish - Kuwait Joint Economic Committee, established in accordance with the “Agreement on Economic, Industrial and Technical Cooperation between the Republic of Turkey and the State of Kuwait”, signed on March 22, 1982.
Turkish-Kuwait Business Council was founded in 2006 in order to develop and enhance bilateral economic cooperation between both countries’ business circles.
Turkish goods exports to Kuwait in 2011 were around 297 million $, down 24,8% (395million $) from 2010, and up 185% from 2001.
The top five export categories (2-digit SITC) for 2011 were: iron and steel (100 million $); textile yarn, fabrics, and related products (34 million $); apparel and clothing accessories (18 million $); vegetables and fruit (15 million $) and electrical machinery (14,5 million $)
Turkish goods imports from Kuwait totaled to 404 million $ in 2011, up 88,4% (214,5 million $) from 2010, and up 228% from 2001.
The top imports categories (2-digit SITC) for 2010 were: organic chemicals (180,7 million $), coal and raw petroleum and plastics in primary forms (59,5 million $).
The trade surplus of goods with Turkey was 106,8 million $ in 2011, a 158,8% increase (180 million $ deficit) over 2010. Between January and February 2012, 2,3 million $ of deficit has been realized.
FDI of Kuwait in Turkey (stock) was 892 million $ in 2011. By the end of February 2012 this stock value is 895 million $.