Kuwait to Set Aside Port for Iranian Imports

Kuwait plans to set aside a special port to receive imports of Iranian goods, the Kuwaiti Prime Minister has announced. "All Kuwaiti doors will be open to imports of Iranian products, and there will be a special port for the entry of Iranian products," Kuwaiti Prime Minister Sheikh Nasser Mohammad al-Ahmad al-Sabah was quoted as saying during a meeting with Iranian First Vice President Mohammadreza Rahimi in Tehran on 22 November 2009.

Rahimi said that Iran has opened its arms for the expansion of bilateral ties between the two friendly and fraternal neighbors. Iran and Kuwait signed two memorandums of understanding covering trade, water, and electricity during the Kuwaiti premier's visit to Iran.

The two officials also called for increased cooperation to resolve the continental shelf dispute on 21 November 2009. Iran and Kuwait dispute the ownership of a continental shelf gas field in the Persian Gulf.
The volume of trade between Iran and Kuwait has declined to about US$100 million annually from US$500 million in 2005.

Joint Companies:
In another meeting on 22 November 2009, Iranian Commerce Minister, Mahdi Ghazanfari, suggested to his Kuwaiti counterpart, Ahmad Rashid Alharoon, that the two countries establish joint technical and engineering services companies.

Referring to Iran's remarkable successes in implementation of 250 projects in dam building, road building, and power station sectors in 38 countries during the last few years, he said that establishment of joint technical and engineering services companies by Iran and Kuwait could result in expansion of ties between the two countries.

Ghazanfari also delivered a draft of an MOU on the expansion of commercial ties between Iran and Kuwait, which is to be signed in near future. He also said that Iran was ready to boost bilateral ties and cooperation in gas, oil, transportation, insurance and banking sectors.

Announcing that establishment of Iranian banks in Kuwait could result in boost of commercial ties, Ghazanfari said that Iranian private banks have announced readiness to buy Kuwait banks' stocks.

Alharoon, for his part, regarded Iran as a major trade partner of Kuwait. He referred to Iran-Kuwait Economic and Commercial Seminar to be held in near future adding that the seminar could result in expansion of ties between the two countries' private sectors. - Keyhan International