https://arab.news/yr3nm
RIYADH: Iran has expressed its readiness to embark on a new phase of economic collaboration with Saudi Arabia, as stated by its diplomatic envoy to the Kingdom.
Tehran’s focus on enhancing ties with Riyadh is underscored by the absence of trade exchanges between the two nations, despite the considerable scale of their business activities.
The Ambassador of Iran to Saudi Arabia Alireza Enayati emphasized his nation’s commitment to bolstering economic relations with the Kingdom, aiming to elevate trade and investment exchange to the highest volume in the Gulf region, according to the Saudi Press Agency.
The Iranian diplomat’s remarks came during his meeting on Sunday with the president of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi, where the two sides discussed revitalizing trade and investment relations and fostering delegation exchange between the two nations.
Saudi Arabia achieved a foreign trade exceeding $601 billion in 2022, while Iran’s volume nearly reached $133 billion.
This underscores the need for proactive measures to address and rejuvenate trade exchanges, coupled with fostering enhanced cooperation, SPA reported.
Such initiatives are essential for elevating the status of intra-regional trade, propelling it to a more prominent and mutually beneficial stage for both nations, it added.
Both sides placed considerable importance on seizing the current positive momentum and expeditiously translating the signed agreements into action.
This collaborative initiative aims to forge a pathway toward a dynamic and progressive new phase in economic cooperation, representing a noteworthy advancement in the two countries’ collaborative efforts.
The meeting resulted in a joint understanding to facilitate the re-exchange of trade delegations, promote trade exchanges, and elevate integration in targeted sectors. Additionally, there is a focus on capitalizing on substantial consumer markets and actively encouraging successful partnerships between business sectors.
Both dignitaries also encouraged investors in their countries to capitalize on the opportunities and advantages of foreign investment.
In March 2023, Iran and Saudi Arabia agreed to reopen their diplomatic missions.
Nearly a month after that, officials from the Kingdom traveled to Iran to discuss procedures for reopening Riyadh’s embassy in Tehran and consulate in Mashhad.