December 20, 2021
The head of Iran-Kuwait Joint Chamber of Commerce in Tehran says Kuwait has stopped issuing visas for Iranian businesspeople.
Hani Feysali made the remarks in an interview on Monday, clarifying that the Iranian traders who are still doing business with Kuwait are those who have already been residents there.
He added that trade ties between the two countries have dropped drastically, mentioning the covid-19 pandemic as one of the reasons behind the plunge.
Iran has been losing trade also as a result of US sanctions, which impose banking restrictions on Tehran.
According to official figures by the Iranian Customs Administration, exports to Kuwait in the first eight months of the Iranian calendar year (beginning March 21) was over $90 million. The amount of Iran’s annual exports was $190 million two years ago before the coronavirus hit the world.
Feysali had earlier said that due to Iran’s weak diplomacy, bilateral trade has been recording a downward trend in recent years as its total volume fell from $400 million in 2020 to $18 million last year.
Most trade between Iran and Kuwait is through Khorramshahr and Abadan ports. Foodstuff and construction products such as cement and plaster constitute most of Iran’s exports.