KUWAIT: Positive growth rate averages in the Turkish economy have aided the rise and expansion of Kuwait Finance House (KFH) - Turkey, Chairman and Managing Director of the Islamic financial institution, Bader Al-Mukhaizeem said Sunday.Al-Mukhaizeem said in a statement, that KFH has full trust in the Turkish economy's performance and potentials, which offers investors good opportunities and large possibilities in light of the support of officials in alleviating obstacles in the face of international investors on one hand and others from the Gulf on the other.
Al-Mukhaizeem welcomed the upcoming visit of Turkish Prime Minister Recep Tayyip Erdogan to Kuwait, which he said illustrates the good level of Kuwaiti-Turkish relations.
A recent report by KFHR, a subsidiary of Kuwait Finance House "KFH", reaffirmed the strength of economic and financial position in Turkey, adding that the Turkish economy continues to recover from the global financial crisis, as Turkey's economic outlook is stronger than that of many of its Emerging European peers, with 2011 GDP expected to grow by 4.5 percent and at a greater rate in 2012 to more than 5 percent.
The report predicted that the Turkish economy will maintain its strong growth for the foreseeable future, driven by many factors, most notably the positive and prudent measures launched by the Turkish authorities, which aim to increase productivity and create more jobs, supported by credit-fuelled strong domestic demand.
The report further listed the achievements of the current Prime Minister Recep Tayyip Erdogan in serving the Turkish economy by implementing many reforms within a short period of time, attracting foreign investments, the rapid growth recorded for the GDP in addition to the decreased rate of unemployment and inflation, and low public debt ratio to GDP. The economic recovery in Turkey which started in the first quarter of 2009 has remained strong during 2010, with GDP growth estimated to have exceeded 8.0 percent.
For 2011 and 2012, Turkey is expected to grow at a more sustainable rate of above 5.0 percent as the post-crisis rebound of exports, consumption and investment tapers off. The Turkish authorities have announced that both fiscal and monetary policy will be tightened gradually, and a prudent medium-term economic program was published in October 2010. Any additional gains from stronger-than-projected growth should be saved to avoid pro-cyclical spending. Continuing with structural reforms to boost productivity and job creation in the formal sector would help anchor more balanced and sustainable growth. Supported by credit-fuelled strong domestic demand, Turkey's economic outlook is stronger than that of many of its Emerging European peers, with 2011 GDP expected to grow by 4.5 percent. With the strong recovery in domestic and external demand as well as a surge in private investments, Turkey's economy grew by a remarkable rate 11.0 percent rate during 1H2010, driven by both domestic and foreign demand, and differently from the trend that prevailed in much of the rest of the world economy.
Overall, the Turkish economy has been performing remarkably well against the backdrop of a severe global economic slowdown. Turkey's growth is expected to remain strong in the near term, as a recovery of the global economy follows its course. For 2011, Turkey's GDP growth is likely to be underpinned by private consumption-on account of low real interest rates, restocking, and, to a lesser extent, exports.
Meanwhile, the Arab Interim Parliament organized on Monday morning the Arab-Turkish Parliamentary Dialogue under the auspices of National Assembly Speaker Jassem Al-Kharafi.
The event will tackle political, economic and cultural-related issues, mainly the Arab-Israeli conflict and its effects on the region, including developments in Iraq, Sudan, Somalia, and Iran, the media department of the National Assembly's General Secretariat said in a press statement.
The statement said the economic field will also be a main topic in the agenda, including free trade agreements between Turkey and the Arab world and the establishment of councils for strategic cooperation. It will also focus on cooperation in water, energy, transportation and tourism fields.
The statement added the cultural aspect will highlight joint initiatives on exchange of cultural experiences, education and cooperation in the media field.
Meanwhile, moderator of the Arab-Turkish relations conference Mohammad Al-Daihani asserted Sunday that the gathering will strengthen of Arab-Turkish relations, and the convergence between Arab and Turkish cultures that led the Islamic state for more than four centuries.
Al-Daihani added in a statement made today that reality of the present world necessitates that all countries join political blocs based on common ties in what contributes to further strengthening such ties.
Further, he said that, "The era in which we live requires from all parties to forge robust political blocs in order to consolidate their presence, and boost their international stance through the pressure groups which are related to strategic interests."
He added this era is the time of blocs, and through blocs the common interests between Turkey and the Gulf nations can be promoted.
Then, he touched on the effects of Arab-Turkish divergence during some periods, and the current consensus in the Arab-Turkish ties which will contribute to further boosting the economic exchange between the two sides, and open up new horizons of investment between Turkey and the Arabs in all various fields.
The gathering comes at the invitation of the Kuwaiti youth, and it aims at developing social, economic and intellectual ties as well as bringing Turkey and the Arabs closer.
A Turkish news agency reported that Turkish businessmen will accompany Prime Minister Recep Tayyip Erdogan during his visit to Kuwait, attend business forums and discuss business opportunities with their colleagues.
Turkey's State Minister for Foreign Trade Zafer Caglayan said on Saturday that 500 businessmen would travel to Kuwait with Erdogan.
Businessmen aim to raise Turkey's share in the Kuwaiti markets, and create new export and contracting opportunities.
The delegation will consist of businessmen investing in construction, food, automotive and by-industry, chemical industry, furniture, jewelry, textile and ready-to-wear, home textile, medicine and medical equipment, machinery and contracting services.
source:alwatan
