2005 News Story

Talks held in Riyadh on Saudi-Iranian trade and investment

The seventh session of the Joint Saudi-Iranian Commission opened in Riyadh today, co-chaired by Minister of Commerce and Industry Hashem Yamani and Iranian Minister of Commerce Mohammad Shariat-Madari. In his opening address, Minister Yamani referred to trade exchanges between the two countries, saying that in 2004 they rose to SR 2 billion [U.S. $530 million] as compared to SR 1,216 million [$325 million] in 2003. Permits have been granted to Iranian investors, for example to establish a tire-manufacturing plant involving a capital investment of SR 700 million [$187 million].