Turkish Development Minister has announced his government's approval to grant foreign investors, including Kuwaitis, three-year residency.

This came during a meeting gathering in the Kuwaiti-Turkish Parliamentary Friendship Committee at the headquarters of the Ministry of Development in Ankara.

The Turkish government also decided to abolish the value added tax of 18 percent for foreign investors, including Kuwaitis since last June.

The Turkish minister pointed to the historical relations between Turkey and Kuwait, which witnessed a great development in the last 10 years, stressing his country's interest in encouraging and motivating foreign investors in Turkey.

Also, Turkish government supports Kuwaiti youth who want to invest in Turkey, expressing his country's readiness to establish a mechanism for the Turkish-Kuwaiti Youth Forum to make investments in both countries and to hold exhibitions for the Turkish Exporters Council in Kuwait.