Riyadh, Saudi Arabia – Iran wants to elevate the levels of trade and investment exchanges with Saudi Arabia to the highest volume in the region, Iran’s ambassador to Saudi Arabia, Alireza Enayati, said during his meeting Sunday with the President of the Federation of Saudi Chambers, Hassan bin Mujab Al-Huwaizi. They urged Saudi and Iranian investors to capitalize on the opportunities of foreign investment in each country.
The remarks assume significance 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.
The meeting emphasized the need to implement the signed agreements, and raise 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.