Saudi Arabia, Iran sign memorandum of understanding on joint cooperation
Saudi Arabia-Iran, Economics, 1/21/2000

Iran and Saudi Arabia on Thursday signed a memorandum of understanding between the two countries in the areas of commerce, establishing joint investment companies and coordinating of stances in international and regional organizations and circles.

The memorandum of understanding which was signed, on the Saudi side by Minister of Commerce Osama Jaafar al-Faqih and the Iranian side by Minister of Commerce Muhammad Shareyt Madari called for cooperation between the two countries in the areas of navigation, developing ports and consulate affairs and issuing entry visas for the two countries' citizens.

Meanwhile, Iranian Foreign Minister Kamal Kharazi met with Saudi Minister al-Faqih and discussed with him bilateral relations and means of strengthening them in various areas.

The two sides expressed their satisfaction over the march of joint investment,as well as economic and commercial cooperation between the two countries.

Kharazi expressed his optimism over the results of the visit made by al-Faqih to Iran, stressing the will of the two countries' leadership to deepen and develop bilateral relations.

For his part the Saudi minister expressed his satisfaction over the meetings he had held with Iranian businessmen and industrialists, noting the joint cooperation between Iran and Saudi Arabia in regional and international organizations and described bilateral cooperation in the areas of petrochemicals, machinery and car manufacture.

Al-Faqih described cooperation between the two countries in the framework of OPEC as very important and said that the positive results of such cooperation are not only in the interest of the two countries, but of all OPEC's member states.

Moreover, Iranian Minister of Economy and Finance Hussein Namazi discussed in Tehran on Thursday with the Saudi minister prospects for economic cooperation between the two countries.

Previous Stories:
  Iran, Saudi Arabia for strengthening bilateral cooperation   (1/20/2000)
  Iranian, Saudi economic committee meets in Tehran   (1/19/2000)
  Saudi trade minister arrives in Tehran   (1/18/2000)

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