Ehsan Khandouzi made the remarks in a meeting with his Saudi counterpart Mohammed al-Jadaan on the sidelines of the annual meetings of the Islamic Development Bank Group (IsDB) in the Saudi city of Jeddah.
Khandouzi noted that no serious commercial ties between the private sectors of the two countries have been established so far.
Referring to the economic relations between the public sectors, the Iranian minister also said that Tehran and Riyadh have not finalized any initial agreement in the fields of investment, customs, and trade so far. Therefore, he added, it is necessary to draft memorandums of understanding between the two sides in order to expand economic cooperation.
Khandouzi also called for cooperation on the Hajj pilgrimage and the removal of obstacles in the way of trade relations, especially in the banking system and transportation between the two countries.
The Saudi minister also pointed out the problems and called for necessary measures to remove the obstacles facing the two countries.
Referring to the various areas of cooperation between the two countries, the Saudi official underlined that their bilateral economic relations require a transparent mechanism for banking relations.
Tehran-Abu Dhabi ties
The Iranian minister also held a separate meeting with the UAE’s Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini in Jeddah.
Both sides agreed to take appropriate measures to conclude agreements on foreign investment and cut double taxation.
The Emirati minister pointed to the positive impact of the resumption of relations between Iran and Saudi Arabia, especially on Tehran-Abu Dhabi trade relations.
Iran and Saudi Arabia agreed on March 10 to resume their diplomatic relations and reopen their embassies and diplomatic missions after seven years of estrangement. The China-brokered agreement has had positive impacts on political and economic relations between the regional countries.
Khandouzi, for his part, said Iran is ready to cooperate in joint projects and investment in other countries.
He also held a meeting with the Chairman of the Islamic Development Bank Group Muhammad Sulaiman Al Jasser. During the meeting, the minister pointed to the Iranian president’s emphasis on strengthening joint cooperation with the bank and solving the problems facing the two sides on the path to cooperation.
Khandouzi said that Iran, as one of the main shareholders of the bank, has taken the final steps to increase its share in order to support the institution.