HE the Minister of State for Foreign Trade Affairs at the Ministry of Commerce and Industry Dr Ahmed bin Mohammed al-Sayed said economic and commercial relations between Qatar and Iran have seen considerable development in recent years, reflecting the depth of bilateral relations.

He highlighted the abundant promising opportunities available on both sides in various sectors, such as energy, agriculture, financial services, logistics, technology, innovation, and others.

This came during the Qatar-Iran Joint Business Council meeting, held on Thursday at the Qatar Chamber (QC). Al-Sayed emphasised that the Qatar-Iran Business Council serves as an important platform, reflecting the shared desire to further develop commercial and economic relations between both countries.

He pointed out that the State of Qatar continues to work in accordance with its economic vision 2030, which is based on economic diversification and growth of non-oil sectors, and encouraging the private sector's contribution to the GDP. For this reason, Qatar has provided a stimulating investment environment that attracts foreign investments, creating opportunities for partnership and exchange of investment between Qatari and Iranian companies.

For his part, Minister of Energy of the Islamic Republic of Iran Abbas Aliabadi said both countries share a common interest in developing their economic and trade ties, emphasising the role of the QC and the Business Council in fostering cooperation between the Qatari and Iranian private sectors.

The Qatar-Iran Joint Business Council meeting discussed ways to enhance commercial and investment co-operation between Qatari and Iranian business owners and explore available investment opportunities on both sides.

The Qatari side was chaired by QC First Vice-Chairman Mohamed bin Twar al-Kuwari, while the Iranian side was chaired by Adnan Mousapour.

During the meeting, al-Kuwari said the Qatar-Iran Joint Business Council plays a leading role in activating co-operation between business sectors from both sides, noting that it serves as an active platform to expand co-operation and partnerships between the private sector on both sides. He also said that activating the council came at a time when commercial relations are witnessing significant growth and provides a catalyst for the private sector to develop trade and investment relations and develop inter-trade, which amounted to QR534mn.

He added that Qatari-Iranian relations have developed and strengthened significantly in recent years, especially in light of the positive stances between the two countries and the mutual visits at the government level and business delegations, as well as the signing of a number of agreements and memoranda of understanding.

Al-Kuwari indicated that the QC hosted several delegations from Iran aiming to promote co-operation and form partnerships and economic and commercial alliances. He noted the abundance of available opportunities and the expansion of areas of partnership and investment, especially in light of the availability of huge potential and natural and human resources, and the keenness of both sides to continue joint work to achieve these goals.

Mousapour stressed the depth of relations with Qatar. He emphasised the interest of the Iranian business sector in strengthening cooperation and forming partnerships with their Qatari counterparts across various sectors. He pointed out that there are ongoing discussions between the two sides to discuss ways to strengthen these relations and resolve the obstacles and challenges that investors may face.

Mousapour expressed his hope that the business council would contribute to increasing trade between the two countries, urging Qatari investors to visit Iran and explore opportunities across a variety of sectors.