Iran and Saudi Arabia Forge Stronger Ties: Economic Ministers Discuss Bilateral Cooperation for Growth
In a significant development for regional relations, Iran’s Economy Minister Abdolnaser Hemmati and his Saudi counterpart, Mohammed Aljadaan, recently discussed strategies to enhance economic cooperation between Iran and Saudi Arabia. This meeting highlights a renewed focus on trade and investment post their diplomatic restoration.
The two ministers convened on Sunday evening during the Conference for Emerging Market Economies, which took place in the Saudi city of AlUla from February 16-17.
During their discussions, Hemmati and Aljadaan outlined several key areas of cooperation:
- Trade and Customs Cooperation: Emphasizing the need for stronger trade relations and streamlined customs processes.
- Bilateral Investment: Exploring opportunities for mutual investments to bolster economic ties.
- Avoiding Double Taxation: Discussing frameworks to prevent double taxation, which can hinder economic exchanges.
- Financial Processes for Hajj Pilgrims: Facilitating financial transactions related to Iranian pilgrims attending Hajj.
Hemmati’s visit to Saudi Arabia commenced on Saturday, coinciding with the AlUla Conference, which was co-organized by the Saudi Finance Ministry and the International Monetary Fund (IMF).
It’s noteworthy that Iran and Saudi Arabia reinstated their diplomatic relations in March 2023, following a seven-year stalemate, thanks to a deal brokered by China. Since then, both nations have actively sought to expand their collaborations across various sectors, including politics, economy, and culture.
This ongoing dialogue marks a promising step towards enhancing economic ties and fostering mutual growth in the region.
