Iran Steel Company to invest in Saudi Arabia

2005-05-19

Iran calls for boosting trade with Saudi Arabia. Iranian Commerce Minister Mohammad Shariatmadari here on Monday called for increasing Iran-Saudi Arabia commercial exchanges. He said that negotiation with Saudi private sector and making use of the Saudi experience will be useful for Iran to join World Trade Organization (WTO). He said that signing of an agreement to back joint venture will pave the way for expansion of economic ties. The Saudi Commerce Minister Hashim bin Abdallah bin Yamani said that Iran-Saudi Arabia trade stood over 0.5 billion dollars in 2004. Iran Steel Company has received permit to invest 5 million (Saudi) rials to construct an steel factory in Saudi Arabia.