Kuwaitis interested in Azerbaijan’s real estate market

Investors of Kuwait already invest in Azerbaijan’s economy and chose agriculture and favorable recreational tourist areas as priority directions, he said.

The diplomat added that businessmen of Kuwait launched their first investment projects in Azerbaijan’s Gabala, Ismayilli, Guba and Gusar districts.

The ambassador said that the tourism potential of Azerbaijan plays an important role for the development of economic relations between the two countries.

"Kuwaitis like to make tourist trips and according to the statistics of recent years, they spend an average of about $10 billion during the year on such trips," the ambassador noted. "In many cases, during such trips, Kuwaitis explore new business opportunities, buy luxury apartments, houses and land lots abroad."

"Kuwaitis arriving in Azerbaijan also show interest in the local real estate market," he added. "In addition, they show great interest in creation of farms, renting of large areas for breeding cattle in Azerbaijan."

Speaking about trade relations between the two countries, the ambassador noted that Kuwait already importsagricultural products from Azerbaijan.

In particular, on the basis of a contract with the Azerbaijani juice plant in Gabala district, the Kuwait Azeri Trading Establishment Company buys products of this enterprise for their delivery to the Kuwaiti market, he said.

Currently, the work is underway to expand the list of names of the goods imported from Azerbaijan to Kuwait, Gahraman said.

The diplomat expressed hope that the opening of direct flights between Azerbaijan and Kuwait will lead to a significant increase in trade relations between the two states.

The trade turnover between Azerbaijan and Kuwait in January-September 2016 amounted to $2.96 million, according to the State Statistics Committee of Azerbaijan.