The works of 7th session of Joint Saudi-Iranian Committee started today at the Palace of Conferences in Riyadh. The two-day-meetings are co-chaired by Saudi Minister of Industry and Commerce Hashem Yamani and Iranian Minister of Commerce Mohammad Shariat-Madari. During the inaugural session, Yamani delivered a speech in which he clarified that the trade exchange between the two countries increased to SR Two billion in 2004 as compared to S.R 1, 216 million in 2003. He said that a number of Iranian investors were granted permission to establish a company for manufacturing tires in the Kingdom of Saudi Arabia, involving a capital investment of SR 700 million. Also, another permission was granted to an Iranian company with a capital of SR Five million to open a branch in the Kingdom. Yamani added that the session's agenda includes numerous issues including the development of trade exchange and holding more trade and banking exhibitions. --MORE 1513 Local Time 1213 GMT
