Azerbaijan, Baku, Jan. 31 / Trend, A.Yusifzade /
Iran and Kuwait will discuss signing a trade agreement in the near future, the acting head of Trade Promotion Organization of Iran Hamid Safdel said.
Addressing the 10th meeting of the Iran-Kuwait Trade Committee Safdel said that the two countries will also mull establishing a joint free trade zone, the Trade Promotion Organization reported.
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.
Kuwaiti investors tend to make investments in Iran's 4 industries including tourism, hotel building, foodstuffs and farming, Safdel said.
"Based on the agreements, Kuwaiti investors will make investment in three Iranian provinces, including Bushehr, Khorasan and Fars," Safdel said.
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 meeting, 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.
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.