RIYADH, 11 January 2003— Riyadh Governor Prince Salman will inaugurate here tomorrow a high-profile industrial exhibition organized by the Iranian government.
A range of industrial products and services of over 90 Iranian companies will be on display at the fair, organized as part of efforts to boost Saudi-Iranian relations on the commercial front, an Iranian diplomat said here yesterday.
“The official opening of the fair by Prince Salman signifies the importance attached by the Kingdom to the Saudi-Iranian relations,” said the diplomat.
He said recent contacts between the two countries have resolved all outstanding problems and there is currently no hurdle for the two states to expand ties in all areas. “The two Islamic nations are viewed as the major Gulf powers and our cooperation has been deemed as a necessity for regional stability and peace,” he said.
Referring to the industrial exhibition, the diplomat said this single-country fair organized at the Riyadh Exhibition Center grounds will provide an opportunity to Saudi and Iranian businessmen to reach mutually beneficial deals.
The fair will be a showcase for all kinds of Iranian light and heavy industrial products, textiles, carpets, buses, trucks, tractors, household appliances and handicrafts. An array of Iranian agricultural products will also be on display.
Iran’s agricultural sector, which supports 75 percent of the country’s population, has made big strides in terms of technology and advanced methods of cultivation.
Iran is also one of the largest oil producers in the Middle East, owning 7.5 percent of the world’s total oil reserves and 15 percent of gas reserves.
There is a substantial scope to boost bilateral trade and investment ties. The two-way trade has been estimated at SR2.8 billion annually, but the Iranian Embassy is aiming to raise the trade volume to the tune of SR5 billion.
The Kingdom and Iran also have plans to set up more joint ventures and have already identified petrochemical, automobile and heavy industries sectors as potential areas of cooperation. Presently, there are 18 Saudi-Iranian joint ventures with a total investment of SR1.1 billion.
