Saudi, Kuwaiti Economic Activists Keen on Investing in Iran

Saudi and Kuwaiti economic activists have voiced their readiness to invest in the Islamic Republic of Iran after a thaw between Tehran and Riyadh, the head of the Iran World Trade Center said.

Mohammad Reza Sabzalipour added that the stability of the exchange rate is the major concern of foreign investors in Iran in order to plan their long-term working policies and manage their activities in Iran optimally.

He pointed to the recent positive developments in the region and the restoration of the political and diplomatic ties between Iran and Saudi Arabia after seven years and said Saudi and Kuwaiti economic activists eye expanding their economic relations and making huge investments in Iran.

He went on to say that the severance of diplomatic relations between Iran and Saudi Arabia in 2015 caused the level of economic ties with Saudi Arabia and a number of other Arab countries to reach their minimum.

Following a visit by Secretary of Iran’s National Security Council (SNSC) Ali Shamkhani and his Saudi counterpart to the Chinese capital of Beijing in March 2023 and intensive talks which led to the removal of misunderstandings between the two countries, the economic activists of the two countries rolled up their sleeves to bolster trade and economic ties, he underlined.

Therefore, constructive talks were held with some high-ranking officials of Arab countries especially Saudi Arabia over the past month, which produced positive results, Sabzalipour added.

The economic activists of Saudi Arabia and Kuwait have presently announced their readiness to invest in Iran in various sectors including construction of hotels and hospitals and also strengthening cooperation in the insurance and banking fields, he said, adding that the new investors will likely arrive in Iran in future to start their economic activities.

Iran and Saudi Arabia are major exporters of oil in the world and hold giant energy resources on the one hand and also enjoy religious commonalities with each other on the other hand, which can help the two sides to strengthen their bilateral relations, he went on to say.

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