Finance Minister Khandouzi says Iran-Saudi trade will go up after 'win-win' reconciliation

Iran’s Finance Minister Ehsan Khandouzi has praised the recent agreement between Iran and Saudi Arabia to restore diplomatic ties, saying the detente will boost bilateral trade and investment. 

Khandouzi, who arrived on Thursday in the Saudi city of Jeddah to attend the Islamic Development Bank (IsDB) Group’s Annual Meetings, referred to the potential economic benefits of Tehran-Riyadh rapprochement, which was achieved on March 10 after China-mediated talks in Beijing.

"The agreement between Iran and Saudi Arabia with the help of friendly countries will create more trade and investment opportunities in both states," Khandouzi said on Friday on the sidelines of the event.

"We believe that the expansion of economic ties between Iran and Saudi Arabia is a win-win relationship that will serve the interests of both countries as well as the region," he added. 

Leading a senior economic team, Khandouzi is the first Iranian minister to visit Saudi Arabia after the signing of the agreement. He will meet with Saudi officials as well as counterparts from other Muslim nations.

He is also scheduled to speak at the annual meeting of the Islamic Development Bank, a Jeddah-based bank that supports infrastructure projects with Islamic finance.

Khandouzi said last month that Iran aimed to raise its annual trade with Saudi Arabia to $1 billion in the first step of resuming economic ties. He said this target was set by the Trade Promotion Organization of Iran (TPO) based on the two countries' capacities.

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Iran and Saudi Arabia agreed to restore diplomatic ties in March after seven years. They agreed to reopen their embassies in each other's capitals by May. On April 6, the foreign ministers of both countries met in Beijing and issued a joint statement, expressing readiness to remove all impediments to the expansion of bilateral ties.

Iran's cooperation with neighbors

Khandouzi also said the policy of the Islamic Republic of Iran is based on strengthening ties with neighboring states.

"We have had good achievements in the past 1.5 years and expect a rising growth in economic, trade, and investment ties with neighbors," he said.

Tehran believes in benefiting from the capabilities of Islamic Development Bank members, the minister said, noting that the recent meeting in Jeddah can pave the way for increased cooperation.

Pointing to Iran's progress in various technologies such as in the production of medical equipment, medicine, and power plants, as well as in bio- and nanotechnology, the minister said that Tehran is determined to share this progress with the member states and other Muslim nations.

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