Saudi- Iranian joint committee meets on Tuesday

The Saudi- Iranian joint committee holds meetings of its third session on Tuesday in al-Riyadh under the chairmanship of the Saudi minister of commerce Osama al-Faqih and his Iranian counterpart Muhammad Shareyat Madari..

During the meetings, the two sides will discuss several issues relating to economic, trade, investment and technical co-operation and means of increasing trade exchange in quality and quantity as well as available investment opportunities to establish joint production projects, exchange of expertise and experience in the scientific fields and to conduct joint projects in the fields of agriculture, livestock and waters.

The Saudi news agency said that the committee will follow up the developments took place over drafts of several sectoral agreements which were previously debated during the two previous sessions in the area of naval co-operation and encouraging and guaranteeing investments, customs co-operation and land transport so as to prepare them in the future.

Worthy mentioning that the committee held its first meeting between the two countries in 1998 during which it was agreed to form branch committee of economic trade, investment, health and technical co-operation between the two countries.

However, volume of trade exchange between the two countries in 1999 was 358.5 million riyals and number of Saudi- Iranian joint projects are 13 in which the total invested capital is 1054.15 Million Saudi riyals.