(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Deputy Premier and Minister of Commerce and Industry Abdulmohsen Al-Madaj called Sunday for boosting the trade exchanges between Kuwait and Iran.
"The bilateral trade volume stands at just USD 150 million which is far below the expectations of both nations," Al-Madaj, who doubles as Acting Minister of Education and Minister of Higher Education, told KUNA.
He called on the businesspeople of both sides to help increase the trade volume through building partnerships and tapping into the huge investment opportunities whether in the public or private sectors.
"The two countries have a lot in common such as religion, neighborliness, history and culture which could catalyze a genuine and successful economic partnership," the minister pointed out.
He lauded the agreement signed earlier today between a major Kuwait steel company and the Iranian Ministry of Industry on providing Kuwait with Iranian steel.
"The deal heralds closer cooperation between the two countries in the industrial sector," Al-Madaj said.
Regarding the memorandum of understanding in the tourist field he inked with Iranian Vice President and Head of Cultural Heritage, Handicrafts and Tourism Organization Masud Soltanifar, Al-Madaj said it capitalizes on the deep-rooted ties.
"We seek to improve the tourist relations in order to ensure mutual benefit given the fact that Iran is a main tourist destination for the Kuwaitis due to its scenic cities and the cultural similarities," he added.
The deals have been signed in presence of His Highness the Kuwaiti Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and Iranian President Hassan Rouhani.