TEHRAN, 6 February — Commerce Minister Osama Faqeeh yesterday called for qualitative improvement in Saudi-Iran economic and commercial ties as well as in investment and technical cooperation.
"We have to make use of all capabilities and opportunities for the benefit of both sides," he told a meeting of the Joint Economic Commission.
In his keynote address, the Saudi minister said the resemblance in the two countries’ main exports and basic industries should not hamper their efforts to promote trade relations and joint investment projects.
"We should make use of our common factors to create a chain of new industries to meet growing demand in local and international markets," he added.
Faqeeh, who chaired the Saudi side at the joint meeting, urged the two countries to reactivate their existing agencies, intensify contacts and hold exhibitions to strengthen commercial, economic and other relations.
"We should also make use of the insurance schemes offered by national organizations and funds as well as the Islamic Development Bank to promote exports," he said.
The minister stressed the need to remove all obstacles in the way of expanding Saudi-Iran trade ties.
"We should strengthen our cooperation in technical, cultural and information areas and promote contacts between scientific and research centers," he added.
The two countries signed an agreement in May 1998 to promote cooperation in economic, commercial, investment, scientific and technical fields. Accords were also signed for cooperation in youth welfare, sports and telecommunications.
Faqeeh expressed hope that the two countries would soon reach an accord on customs tarrifs. Riyadh and Tehran have started operating a regular shipping line to transport goods between the King Abdul Aziz Port in Dammam and the Iranian port of Bushahr.
Iranian Commerce Minister Muhammad Shariat Madari called for strengthening economic and commercial ties among Islamic countries, especially between Saudi Arabia and Iran. He said the two countries have similar views on the Palestinian issue and the oil market.
He also noted the dramatic change in Saudi-Iran relations by the state visits of Crown Prince Abdullah, deputy premier and commander of the National Guard, to Tehran, and of President Muhammad Khatami to Riyadh.
