Mehdi Safari, who leads economic diplomacy affairs at the Iranian Foreign Ministry, said on Thursday that the Saudi delegation is to take part in Iran EXPO 2023, an event slated for May 7-10, Press TV wrote.
Safari said the Saudi delegation will be led by a senior deputy minister from the kingdom’s government.
He said the trip will coincide with plans by Iran and Saudi Arabia to reopen their embassies and consulates until May 9 based on a détente agreement reached in China in early March.
The official said the Iran EXPO 2023 could lead to contracts worth at least $1 billion between Iranian businesses and representatives from 60 countries without elaborating whether there would be any deal between Iranian and Saudi businesses during the fair.
Saudi Arabian authorities have said the kingdom is ready to engage in Iranian business and energy projects as part of efforts to rebuild ties between the two countries.
Iranian businesses are also eager to expand their regional presence into the Saudi market amid signs that the kingdom is seeking to launch large-scale infrastructure and development projects.