Tehran, Jan 10, IRNA – Minister of Economic Affairs and Finance Ali Tayyebnia said Iran is a country with highest economic stability and lowest foreign debts in proportion to its domestic gross product (GDP).
According to SHADA, Tayyebnia who is visiting Kuwait at the head of a high-ranking delegation was addressing a session at Kuwait’s Chamber of Commerce in which he said relations between the two Muslim countries of Iran and Kuwait are based on good neighborly, friendship and brotherhood. “Iran and Kuwait, among littoral states of the Persian Gulf, enjoy a special and superb relations.”
Referring to the sincere and extensive relations between the two countries in the field of politics, the minister said however the volume of bilateral economic ties was very low with regard to capabilities and potentials of Iran and Kuwait.
“In 2012 bilateral trade transactions amounted to $187 million and in 2013 it dropped to below $154 million and this figure compared to Kuwait’s $128 billion trade transactions with the world is a meager figure.”
In the field of investment, the minister remarked, with regard to ample capacities, encouragements, tax exemptions, inexpensive energy, security, as well as economic and political stability and proper investment regulations investment of the Kuwaiti brethren is not outstanding.
He noted that private sectors of the two countries especially chambers of commerce can play an important role in the expansion of economic relations particularly in economic and investment areas.
Addressing the Kuwait businessmen and investors, Tayyebnia said economic ties and development of economic cooperation will play effective role in preventing and reducing political tensions and will bring further welfare for the people.
The economy minister pointed to the span of the Iranian territory, proper transportation network including 220 thousand km of different roads, 12 thousand km of railway and over 58 equipped and standard airports as well as 11 trade ports in north and south of the country as attractions for investment in Iran.
In line with this, with regard to the strategic condition and transit corridors including north-south, the Silk Road, railway corridors, Asia Highway, the corridor connecting Europe-Caucasus-Asia and the road and rail corridor connecting China and Central Asia have resulted in considering Iran as the strategic link between the East and the West and its territories as the best point for production and processing of export commodities to world markets.
Meanwhile, he added, the law for the protection and encouragement of foreign investment in Iran is among the progressive and comprehensive rules in the world according to which foreign investors in Iran will enjoy the same rights as the Iranians.
He said an agreement to encourage and support investment has been concluded with Kuwait and is ready for execution since 2010.
Tayyebnia said Iran’s sovereign wealth fund (SWF) also known as the National Development Fund enjoys extensive financial resources and through participation in investment projects or offering facilities supports foreign investors.
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