Economy, Domestic Economy

Economic Ties With Kuwait

Economic Ties  With KuwaitEconomic Ties  With Kuwait

Iran's Minister of Economy and Finance, Ali Tayebnia, says Tehran is eager to broaden economic relations with Kuwait, IRNA reported on Thursday.

He made the remarks in a meeting with Emir of Kuwait, Sheikh Jaber III al-Ahmad al-Jaber al-Sabah, in Kuwait on Wednesday.

In his talks with Kuwaiti officials, Tayebnia described the Kuwaiti emir’s latest visit to Iran in June as a turning point, which "is expected to help bolster ties between Tehran and Kuwait City.

Tayebnia also met with the head of Kuwaiti Chamber of Commerce and Industry to discuss investment opportunities in Iran.

He said Iran is eager to undertake joint projects with Kuwait in the fields of investment, free trade zones, insurance, banking, tourism and housing.

“We shake the hand of all friendly countries in the region for the sake of regional development and progress,” Tayebnia said.

On Iran-P5+1 negotiations, Tayebnia said regional and international cooperation should be enhanced to settle disputes and misunderstandings on the peaceful nature of Iran nuclear program.Tehran has been in talks with the five permanent members of the UN Security Council plus Germany to settle a dispute over its nuclear energy program.

Iran ranks 14 among world importers of non-oil products from Kuwait. The two countries signed an agreement on encouraging and supporting investment in 2007 in a bid to create investment opportunities for citizens of both countries. In recent months Kuwait has officially dropped visa requirements for Iranians who wish to visit the Persian Gulf country and Iran is likely to follow suit in the coming months.

Tayebnia also said that the trade between the countries is hovering around $200 million, expressing hope that it will increase by tenfold in the near future.


On Iran's plans regarding the falling oil prices at the international market and its repercussions on the country's economy, the minister said that international sanctions on Iran has caused a spike of 40 percent in inflation in recent times. However, he said the administration seeks to reduce the inflation rate to 17 percent. He expressed hope that the figure will be further reduced to less than 10 percent in the near future.

He said the economy has made significant improvement in the first six months, growing by 4 percent which he considered a great achievement.

On the subject the oil price in Iran's budget bill for next year (2015-2016), Tayebnia said that the price of oil in the budget is subject to change and might be lowered “if the price of oil in international markets falls below $50 per barrel.”