Jan. 31, 2011
The annual trade between the Islamic Republic of Iran and Kuwait stood at $420 million in 2010, deputy minister of Trade and Industry of Kuwait Rashed Al-Sayyed Yousef Al-Tabtabai said.
Addressing the 10th meeting of Iran-Kuwait Trade Committee held in Tehran on Saturday, Al-Tabatabai said that the annual trade between Iran and Kuwait in 2007 and 2008 exceeded $250 million, but in 2009 the figure decreased due to global financial crisis, Moj News Agency reported.
Al-Tabatabai regarded the commercial ties between Iran and his country as ancient and historical ties which should be expanded as much as possible.
"We look for expansion of trade between the two countries,” he said.
He said Iran and Kuwait in 1995 and 1997 have signed certain agreements on expansion of bilateral trade and joint ventures and implementation and realization of the agreements could result in both countries’ economic growth.
Addressing the meeting, Hamid Safdel, the acting head of Trade Promotion Organization of Iran, said that Kuwaiti investors tend to make investments in Iran’s 4 industries including tourism, hotel building, foodstuffs and farming.
"Based on the agreements, Kuwaiti investors will make investment in three Iranian provinces, including Bushehr, Khorasan and Fars,” Safdel said.
Iran and Kuwait will discuss signing a trade agreement in the near future, he said adding that the two countries will also regard the establishment of joint free trade zone.
Safdel referred to the global crisis as major cause of decrease in bilateral trade between Iran and Kuwait during the last year.
He said that Iran annually exports nuts, handicrafts, carpets and industrial products to Kuwait, whereas the Arab country exports steel for downstream infrastructures and related industries.
The four-day meeting will finish on February 1st.