TEHRAN (Iran News) –President of Iran World Trade Center pointing to recent developments in the region announced readiness of economic activists of Saudi Arabia and Kuwait for investment in Iran.

Speaking to Tasnim News Agency, Mohammad Reza Sabzalipour said that severance of political ties between Iran and Saudi Arabia in 2016 minimized and even zeroed economic ties with Saudi Arabia and with some of its Arab allies and it made some economic activists mainly in Arab states stop reluctantly trade with Iranians.

He noted that in the past seven years there were great trade and economic opportunities which could happen between Iran and its neighboring Arab states but because of the lack of political and diplomatic ties they were mostly missed.

Sabzalipour then pointed to recent talks between Iran and Saudi Arabia which led to the resumption of ties, adding that efforts of the economic sectors of the two countries have also started to boost economic exchanges.

He added that in recent weeks the center had talks with some neighboring Arab states especially with Saudi Arabia which were positive. He reiterated that resumption of political ties with Saudi Arabia has opened the way for resumption of economic ties and currently Saudi and Kuwaiti businessmen have announced their readiness for investment in Iran.

Sabzalipour further said that economic activists of Saudi  Arabia and Kuwait currently have announced their readiness for investment in field of construction, tourism, building hotel and hoteliering, medical, building hospitals as well as insurance and banking and probably in the future new investors will enter more scenes and more diverse fields.

He admitted that the main concern of the foreign investors is the stability in the forex price for their long term planning and activities.

Sabzalipour further said that détente with the countries has great and important impact on the economic growth and broadening economic activities in the country as well as in resolving economic problems of the country.

He added that soon economic delegations will be exchanged between Iran and Saudi Arabia and with other countries in different fields and it is necessary for the ministries and related economic bodies and diplomacy apparatus to take advantage of this opportunity for attracting foreign investment through removing hurdles.