Trade between Türkiye and Israel decreased by more than 50 per cent

Türkiye's increasing international relations and efforts to become an important trade, logistics and production base for international investors continue.

According to the information provided by Trade Minister Ömer Bolat, mutual trade with Israel has decreased by more than 50 per cent since 7 October compared to the same period last year. This decrease was also shaped by the demands of traders and consumers.

Organised by the Turkish Exporters Assembly (TIM) and Istanbul Textile and Apparel Exporters' Associations (ITKIB) under the coordination of the Ministry of Trade, the Türkiye-Kuwait Trade Delegation and bilateral business meetings were held in Kuwait with the participation of Trade Minister Ömer Bolat.

Minister Bolat said: "Recently, Kuwait has had important cooperation with Türkiye in the field of energy and defence industry. There are areas where Türkiye and Kuwait can go further together in the economy. In addition to investment cooperation with third countries, issues such as joint projects and investment partnerships in the services sector, logistics, high technology, transport, transport and industrial sectors are on the agenda. In this context, 427 Kuwaiti companies are doing business in Türkiye today and they have invested nearly 2 billion dollars. Our Turkish contractors have successfully carried out infrastructure, superstructure and important construction works worth 9 billion dollars in about 50 projects in Kuwait.

"Since 7 October, our mutual trade with Israel has decreased by more than 50 per cent compared to the same period last year," said Minister Bolat, "This is of course related to the demands of traders and consumers. Hopefully, increasing our trade with Kuwait to 5 billion dollars in 5 years is an important goal for both sides. At this point, Türkiye's increasing oil purchases from Kuwait and Kuwait's purchasing more products such as garments, machinery, auto spare parts, iron and steel products and defence projects from Türkiye will enable us to achieve this figure in the not too distant future."