Iranian Ambassador: Iran Aims to Boost Economic Ties with Saudi Arabia

Ambassador of the Islamic Republic of Iran to the Kingdom of Saudi Arabia, Alireza Enayati, emphasized Iran’s aspiration to enhance economic ties with Saudi Arabia, aiming to elevate the levels of trade and investment exchanges to the highest volume in the region.

His remarks came during his meeting on Sunday with the President of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi, where they discussed revitalizing trade and investment relations and fostering delegation exchange between the two countries.

This comes in light of the absence of trade exchanges between the two countries, despite the significant scale of their foreign trade.

In 2022, Saudi Arabia’s foreign trade reached approximately $601.1 billion, while Iran’s trade volume amounted to about $132.6 billion. This situation calls for addressing and revitalizing trade exchanges, as well as enhancing cooperation to develop the status of intra-regional trade and advance it to a more prominent stage.

In this regard, the meeting emphasized the need to capitalize on the positive situation and implement the signed agreements, paving the way for a new phase in economic cooperation. The aim is to elevate the level of trade exchanges in line with the existing opportunities and the foreign trade volumes of both countries.

During the meeting, both sides also agreed to re-exchange trade delegations, foster trade exchange, promote integration in targeted sectors, leverage substantial consumer markets, and encourage successful partnerships between business sectors.

Additionally, they urged Saudi and Iranian investors to capitalize on the opportunities and advantages of foreign investment in each respective country.