Iran, Kuwait Explore Avenues for Closer Trade Ties
TEHRAN (Tasnim) – Iran's Economic Affairs and Finance Minister Ali Tayyebnia, in a meeting with Kuwaiti economic officials and businessmen, exchanged views on ways to promote bilateral trade between the two Muslim countries.
In the meeting held in Kuwait Chamber of Commerce and Industry (KCCI) on Friday, Tayyebnia pointed to the close political ties between Iran and Kuwait and emphasized that the relations are based on “good neighborliness, friendship and brotherhood”.
However, he said that given the two countries’ great capacities and potentials in the area of economy, the volume of bilateral trade does not match the close political ties between Tehran and Kuwait City.
Bilateral trade in 2012 stood at $187 million and in 2013 this figure fell to less than $154 million, the Iranian minister said, adding that these figures are very low compared to Kuwait’s trade exchange with the world.
“The private sectors of the two countries, the chambers of commerce in particular, can play a significant role in boosting bilateral economic ties, especially in the area of investment,” he noted.
He also pointed to various advantages of investment in Iran and assured the Kuwaiti businessmen that the Islamic Republic has one of the world's most stable economies and the country has also the lowest external debt to GDP ratio.
Back in September 2014, representatives from Iran and Kuwait held a joint political committee in Tehran exchanging views on a whole range of issues, including ways to deepen bilateral relations in all spheres.
