TEHRAN – Iranian Oil Minister Mohsen Paknejad has expressed hope that the Joint Economic Committee meeting of Iran and Saudi Arabia will be held in the near future, IRNA reported.

Speaking at a celebration held on the occasion of the Saudi National Day on Monday, Paknejad said: “As the head of the joint economic committee of the two countries, I am very pleased to congratulate National Day to the government and the dear people of Saudi Arabia on behalf of the government of the Islamic Republic of Iran.”

“The 14th government, headed by Masoud Pezeshkian, pays special attention to the development of relations with Saudi Arabia, and believes that the cooperation between Iran and Saudi Arabia as two important countries in the Persian Gulf region and West Asia, can bring stability and security to the countries in the region, and ensure the development and improvement of the welfare of the people of these countries,” he stressed.

In May 1, Iran’s former Economy Minister Ehsan Khandouzi said he has held favorable talks with his Saudi Arabian counterpart during his visit to the Arab country.

In a post on his social media, Khandouzi said he had constructive talks with the Minister of Economy and Planning of Saudi Arabia Faisal F. Alibrahim.

"Faisal F. Alibrahim agreed with Iran's all five proposals," the Iranian minister underlined.

He said that the Saudi minister also emphasized the need for developing a roadmap for economic cooperation in the public-private sector.

An Iranian delegation headed by Khandouzi visited Riyadh to participate in an annual Islamic Development Bank (IsDB) meeting.

Speaking at his weekly press conference, Iranian Foreign Ministry Spokesperson Nasser Kan'ani said that consultations and dialogues are underway between Tehran and Riyadh at the political and economic levels.

"We have had economic issues on the agenda since the beginning of the resumption of negotiations between the two sides, and both sides are unanimous on this matter, and the talks are ongoing," the senior Iranian diplomat said.

Iran and Saudi Arabia signed a China-brokered deal in March 2023 to resume their diplomatic relations after they cut them in 2016.

The two sides reopened their respective embassies a few months later.

Also, in late April, Iran's Consul General in Jeddah Hassan Zarnegar met with the president of the Chamber of Commerce of Mecca, Saleh Abdullah Kamel, with the two sides calling for increased trade and economic cooperation between Iran and Saudi Arabia.

During the meeting, Zarnegar emphasized the need to leverage the economic and trade capabilities of the two countries, as well as increased interactions between Iranian and Saudi businesspeople.

The two officials also discussed the economic aspects of providing services to pilgrims in the holy city of Mecca.

Kamel expressed hope for the comprehensive development of Iran-Saudi relations, as emphasized by Saudi Crown Prince Mohammed bin Salman and Iranian late President Ebrahim Raisi.

Last December, Iran’s Trade Promotion Organization (TPO) in collaboration with Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) held a conference on the Iran-Saudi Arabia trade opportunities in Tehran.

In this event which was attended by Iranian business operators and entrepreneurs interested in trade with the kingdom, the ways of expanding economic relations between the two countries were explored, the TCCIMA portal reported.

Speaking in this conference, Abdol-Amir Rabihavi, the director general of TPO’s West Asia Office, pointed to the benefits of increasing economic and trade relations with Saudi Arabia and stressed the important role of the private sector in developing trade relations with this country.

Stating that the private sector is more agile in economic exchanges and has fewer bureaucratic restrictions, Rabihavi said: “The participation of the private sector will be the basis for the expansion of business relations with Saudi Arabia.”

Meanwhile, in last October, the former head of Iran’s Trade Promotion Organization (TPO) hosted a meeting with Saudi Arabia’s Ambassador to Tehran to explore ways of expanding economic relations between the two sides, the TPO portal reported.

In that meeting, which was organized by the Iran-Saudi Arabia Investment Fund for the development of job opportunities, Mehdi Zeyghami and Abdullah bin Saud al-Anzi discussed planning to start and develop business relations between the two countries.

As reported, the two sides welcomed the idea of exchanging business delegations between Iran and Saudi Arabia and emphasized the need to actively participate in each other’s exhibitions.

Speaking at the meeting, Zeyghami expressed hope for the development of trade relations between the two countries and stressed the importance of boosting trade interactions between the two sides in the field of new and high-tech technologies.

“Considering Saudi Arabia’s future plans and the investments of this country in new technologies, trade in the field of such technologies can benefit both countries,” the official said.

The TPO head also expressed his interest in the presence of Iranian companies in the health, food industry, and petrochemical exhibitions of Saudi Arabia and requested the ambassador of this country to make preparations for the presence of Iran in the form of a pavilion in these exhibitions.

Al-Anzi for his part welcomed Zeyghami’s suggestions and said: “Regarding the proposal to attend Saudi exhibitions, the preparations for this will be provided by exchanging the list of companies.”

Earlier that month, Head of Iran Chamber of Guilds Mojtaba Safaei also hosted a meeting with Abdullah bin Saud al-Anzi, in which the officials discussed ways of expanding trade relations between the two countries.

In that meeting, which was held at the invitation of the head of the Iran Chamber of Guilds, some of the heads of Tehran unions were also present and discussed Iran's export capabilities.

Speaking in this gathering, Safaei said, “We know well that strengthening relations with Saudi Arabia is of interest to Iran. As the Leader of the Islamic Revolution said in his recent meeting with the Sultan of Oman, establishing relations with Saudi Arabia was the result of the correct policy of the government of President Raisi, and we, in pursuit of the implementation of these policies, consider this meeting as an advantage and aim to have a positive impact in this regard.”

He said, “According to investigations, the majority of Iran and Saudi Arabia's exports and imports in recent years have been carried out by professional companies, but with the diplomatic relations gap, they have reached the minimum possible level. Today, the private sector and professional enterprises are ready to cooperate with Saudi Arabia in trade.”

The head of the Iran Chamber of Guilds went on to say: “We believe that Iran and Saudi Arabia are two major poles of the Islamic world, and this gap has damaged the economies of both countries more than anything else, which is what the global arrogance wanted. Nevertheless, we have very extensive collaborations, and in the field of trade, the chamber of guilds will open a new chapter of relations with Saudi Arabia today, with God's help."

“We know that Saudi Arabia is looking to build the largest and most intelligent city in the world, and in this regard, Iran's industries are ready to help in various fields of trade, mining, building materials, and so on. Some industries such as Persian carpets, leather bags, shoes, and products have the potential to make an ascending move in the export phase to Saudi Arabia within a week because they are competitive with European countries with the highest quality in the market. Furthermore, medical equipment, food and handicrafts are also available”, Safaei continued and said, “In addition to this, we are pushing for cooperation in building hotels, properties, and tourism infrastructure with Saudi Arabia.”

“Since technical and engineering services and skilled labor are cheaper in our country, Saudi Arabia can invest in these areas, and our demands are not one-sided and must be bilateral”, he noted, adding, “Therefore, we propose trade facilitation, and in this regard, it is necessary to form a specialized working group to achieve desirable results from this meeting. This working group can deal with different fields in a specialized way and demonstrate the commercial goals at an excellent level between the authorities of both countries.”

The Saudi ambassador to Iran, for his part, said, “God willing, the relationship and interest between Iran and Saudi Arabia will be stable, and good capacity will be created for the trade of both countries.”

The private sector plays an essential role in both countries. The Saudi economy is open and prone to development, and the crown prince has a vision for 2030 and many projects for the progress of Saudi Arabia will be done, which is not just for Saudi Arabia but will be a blessing for all regional countries, the Tenvoy added.

He added: “The Islamic Republic of Iran is a very important neighboring country and has many potentials and has a good strategic position. Therefore, its development with Saudi Arabia will create an opportunity for an equal economy."

At this meeting, it was decided that both sides would introduce representatives to examine the trade capacities of both countries.

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Photo: Iranian Oil Minister Mohsen Paknejad speaks at a celebration held on the occasion of Saudi National Day