Kuwait, Iran ready for stronger economic, trade ties

Kuwait and Iran are eager to enhance their bilateral economic and trade ties that have already been steadily progressing. Exchange of officials' visits between the two friendly countries seek promotion of these relations.
Iran's Minister of Economic Affairs and Finance Ali Tayebnia is due here on Tuesday on an official visit leading a high ranking economic delegation, apparently to explore fresh prospects for bolstering bilateral ties, and to follow up implementation of agreements signed between both states.
The delegation will visit the Kuwait Chamber of Commerce and Industry (KCCI) where they will review investment opportunities available at home.
Several economic cooperation pacts were signed during officials' visits over the past years.
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah's visit to Iran last year marked a turning point in these ties, opening up fresh prospects for further future cooperation.
Up to six agreements were signed during the historical visit, covering economy, tourism, air transport, customs and trade exchange. Streamlining the flow of trade was a chief target.
However, officials in the two countries still regard ties as below expectations, regarding the enormous potential in the two neighbors.
The two countries are hard at work to increase trade exchange which is below their expectations, Kuwait's Deputy Prime Minister and Minister of Commerce and Industry Abdulmohsen Al-Madaj said after signing the six pacts.
Then, Al-Madaj revealed that a major Kuwaiti private steel company operating in Tehran had signed an agreement with the Iranian Ministry of Industry to provide Kuwait with steel, a prominent step for bilateral industrial cooperation.
According to data by Central Statistics Bureau, Kuwait's non-petroleum exports to Iran during Q3 hit KD 5.3 million, a rise of 4.1 percent than the same period in 2013. Thus, the Islamic Republic ranked 14th biggest importer from Kuwait.
Kuwait's imports from Iran over the same period reached KD 22.8 million.
In 2007, Kuwait and Iran signed an agreement for encouraging and protecting investments, with the aim of creating favorable climate for fostering economic relations.