An unlikely alliance? Iran, Kuwait decide on economic cooperation
Iran and Kuwait signed a number of agreements in Tehran on Sunday to bolster cooperation in the economic sphere.
Iranian Finance and Economic Affairs Minister Ali Tayyebnia and Kuwaiti Finance Minister Anas Al-Saleh signed a customs cooperation agreement.
An agreement on cooperation in the field of tourism was signed by the director of Iran’s Cultural Heritage, Handicrafts, and Tourism Organization, Masoud Soltanifar, and Kuwaiti Commerce and Industry Minister Abdulmohsen Al-Madaj.
“Bilateral trade stands at just $150 million, which is far below the expectations of both nations,” Al-Madaj told the Kuwait News Agency.
He asked the businesspeople of the two countries to help increase the trade volume through building partnerships and tapping into the huge investment opportunities in both the public and private sectors.
“The two countries have a lot in common, such as religion, neighborliness, history, and culture,” he stated, adding that these factors can help catalyze their economic relations.
“We seek to improve tourist relations in order to ensure mutual benefit, given the fact that Iran is a main tourist destination for Kuwaitis due to its scenic cities and cultural affinities,” he added.
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC
- Supervising the stoners: Egyptian tobacco traders call for the legalization of cannabis
- Frozen: Arab Spring economies barely trading with one another