RIYADH: Iran is prepared to enhance its economic and investment ties with Saudi Arabia, including the potential for joint projects. However, progress is contingent upon mutual willingness, according to a senior Iranian official.
In an interview with Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Abdolnaser Hemmati, Iran’s minister of economic affairs and finance, said specific agreements would be necessary to facilitate trade between the two nations.
“We are ready to boost our economic relation and investment relation between the two countries and joint investment projects between the two countries. But this depends on them, and I think the situation of the region is going to that era. We must start to have good relations with all together,” Hemmati said.
He added: “For starting and upgrading trade between two countries, we need to have some agreements. The main agreements is about eliminating double tax, bilateral investment, and also custom rules.”
Hemmati also emphasized Iran’s commitment to strengthening ties with neighboring countries, particularly Saudi Arabia, Qatar, and Oman.
The aim is to bolster both political and economic relations, with a strong focus on enhancing trade and commerce.
He added: “The first important matter is that growing political relations needs to upgrade our economic relations especially in the field of commerce and trade between two countries.”
At the conference, a key topic of discussion was the challenges and opportunities facing regional nations, with a particular emphasis on building economic resilience.
Hemmati said that robust economic ties between neighboring countries are vital in order to prevent outside influence in their affairs.
“The future of the region needs to have good economic relations between the member countries of the region,” he concluded.
