The Ambassador of Iran to Saudi Arabia, Alireza Enayati, has expressed a strong desire to fortify economic connections with Saudi Arabia. The goal is to significantly increase trade and investment flows, potentially leading them to top regional figures.
Enayati’s statements were made during a recent engagement with Hassan bin Mujab Al-Huwaizi, the head of the Saudi Chambers Federation. The gathering was aimed at reinvigorating trade and investment ties and promoting the exchange of delegations from both nations.
Despite the substantial volume of foreign trade conducted independently by each nation, trade between the two countries has been notably absent. With Saudi Arabia’s foreign trade valued at around $601.1 billion and Iran’s at approximately $132.6 billion in 2022, there is a clear impetus to address and revive the bilateral trade dynamic.
The meeting highlighted the urgency to take advantage of the favorable conditions and actuate previously signed agreements. This is seen as a stepping stone towards a renewed phase of economic collaboration that aligns with the potential and scale of their respective foreign trade capacities.
Both parties have concurred on the importance of re-engaging trade delegations, enhancing trade flows, driving integration in key sectors, tapping into vast consumer markets, and fostering robust partnerships within the business community.
Moreover, they have called upon investors from both Saudi Arabia and Iran to seize the investment opportunities and benefits that each country presents for foreign investors.