TEHRAN- During a meeting between Iranian Finance and Economic Affairs Minister Abdolnaser Hemmati and Qatari Minister of Finance Ali Ahmed Al-Kuwari, the two sides discussed the ways to expand the economic and financial relations between the two countries.

The meeting was held on the sidelines of the AlUla Conference for Emerging Market Economies, held in AlUla city.

The AlUla Conference for Emerging Market Economies is an annual economic policy conference, held in AlUla, Saudi Arabia, organized by the Ministry of Finance of Saudi Arabia and the IMF Regional Office in Riyadh.

The 10th Iran-Qatar Joint Economic Committee meeting concluded on December 12, 2024, in Doha, with officials from both nations pledging to enhance bilateral economic ties and increase trade to $1.0 billion annually.

The meeting, co-chaired by Iran's Minister of Energy Abbas Ali-Abadi and Qatar's Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal Al Thani, focused on expanding cooperation across multiple sectors, including energy, infrastructure, and trade.

The event featured four specialized committees: Trade (covering commerce, banking, and insurance), Infrastructure (transport, agriculture, and ICT), Social and Cultural (tourism, health, and research), and Energy (water, electricity, oil, and gas). Over 60 representatives from public and private sectors of both countries participated in the discussions.

Ali-Abadi emphasized the strategic importance of the partnership, saying, "Today's economic relations between Iran and Qatar require a strategic outlook." He noted that current trade between the two countries stands at approximately $200 million annually, with plans to increase it fivefold to $1 billion in the near future.

The official further highlighted a significant energy project involving a 200-kilometer undersea power line to connect Iran and Qatar's electricity networks. Initiated in March 2023, the feasibility study is in its final stages, with implementation set to follow approval.

"This project will revolutionize power transfer between the two nations during peak demand periods and enable electricity transit to third countries," Ali-Abadi stated.

He also expressed Iran's readiness to welcome Qatari investors, envisioning mutual investments of at least $1 billion annually. Key focus areas include energy, transport, free trade zones, tourism, healthcare, and agriculture.

The Iran-Qatar Joint Economic Committee, established in 1995, has facilitated significant achievements, particularly in water and electricity sectors. The 10th session underlined both nations' commitment to translating agreements into tangible outcomes and fostering regional cooperation.

At the end of the meeting, the two sides signed a comprehensive cooperation document to determine the framework of cooperation in the coming year.

Speaking in an online meeting with Saleh Alkhulaifi, the deputy Industry and Commerce minister of Qatar, in late November 2024, Mohammad-Ali Dehghan Dehnavi, the head of Iran’s Trade Promotion Organization (TPO), said that Iran seeks to reach one billion dollars in annual trade with Qatar.

Referring to the extensive political and cultural relations between the two countries, Dehghan Dehnavi said: "Despite the efforts of both sides, economic relations between Tehran and Doha have not reached the desired level."

“Fruits and food products are Iran’s top exported items to Qatar, and it cannot be expected that the trade between the two countries will exceed one billion dollars with the export of such products, the official said.

According to the TPO head, the challenges in developing trade with Qatar are clear, and Iran is trying to increase the volume of trade with Qatar by developing a well-considered and coherent work plan.

Alkhulaifi for his part stated that the strict customs regulations in Qatar affect all countries, saying: "We will work to expedite the clearance of Iranian goods from Qatari ports and issue visas to Iranian businessmen, and we hope that the prospect of a billion-dollar trade between the two countries will be realized in the near future."

During a meeting between Iran’s Energy Minister Abbas Ali-Abadi and Qatar’s Ambassador to Iran Saad Abdullah Saad Al Mahmoud Al Shareef, at the place of the ministry in Tehran, in mid-November 2024, the two sides discuss the ways to expand economic and trade ties between the two countries.

In this meeting, the Iranian minister emphasized the implementation of the economic cooperation documents signed by the two sides and offering necessary facilities to the traders and those active in the economy sector.

Addressing the same meeting, Reza Jabari, an Iranian MP and also the chairman of Iran-Qatar Friendship Group, referred to the scientific, technical and economic potential and capacities of Iran and called for the facilitation of the relation between Iranian and Qatari traders.

In early October 2024, high-ranking officials from Iran and Qatar signed six cooperation documents in the fields of trade and economy, culture, education, sports, and agriculture.

The documents were signed during an official visit to Doha by Iranian President Masoud Pezeshkian.

Iran’s Minister of Energy Abbas Ali-Abadi, who is the Iranian head of the Iran-Qatar Joint Economic Committee, was also present at the signing ceremony.

The documents were inked by the Iranian and Qatari ministers of energy, foreign affairs, and sports and youth affairs

On the sidelines of the Iranian delegation’s visit to Doha, the Iranian energy minister met with Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, the Qatari minister of commerce and industry, who is the Qatari head of the two countries' Joint Economic Committee.

In this meeting, Ali-Abadi emphasized the need for joint investment and production by the private sectors of the two countries.

Ali-Abadi also held a meeting with Qatari Minister of State for Energy Affairs Saad bin Sherida Al Kaabi in Doha, in which the two sides stressed the need to finalize feasibility studies about the connection of the electricity grids of the two countries.

Also, the issue of exporting technical, energy and engineering services from Iran to Qatar was raised by Iran’s minister of energy, which was welcomed by the Qatari side.

The Iranian official invited his Qatari counterpart to visit Iran to learn about the country's high potential and capability in the electricity industry.

Joint-venture investment using the capabilities of the two countries in the field of electricity was among the other topics discussed at the meeting.

MA