Addressing a ministerial panel of the 28th World Association of Investment Promotion Agencies (WAIPA) World Investment Conference in Riyadh, Saudi Arabia, on Monday, Hemmati outlined Iran’s potentials to lead in climate action, technology transfer, and joint investment initiatives.
Reflecting on the challenges facing the global economy, including climate crises, geopolitical shifts, energy market volatility, and the disparities created by emerging technologies such as artificial intelligence, blockchain, and the digital revolution, the minister said that these challenges have exacerbated inequalities between emerging and developed economies, disrupted global supply chains, and intensified trade tensions.
Meantime, he stressed that unprecedented opportunities for growth and collaboration have also emerged in spite of these challenges.
Hemmati highlighted areas of focus for global economic progress, including sustainable development, green economies through renewable energy investments, the rise of emerging markets, and the acceleration of digital transformation.
Iran’s economy, with its abundant natural, mineral and energy resources, youthful and educated population, strategic geopolitical location, and extensive economic infrastructure, is well-positioned to address these challenges and seize these opportunities, Hemmati added.
The minister underscored Iran’s strategic importance in global energy and trade networks, noting the country’s possession of 10% of the world’s proven oil reserves and 15% of natural gas reserves. He, additionally, emphasized Iran’s key position in the strategically important North-South and East-West transit corridors.
On renewable energy, Hemmati pointed to Iran’s vast potentials for solar and wind power, which he said could not only meet domestic demand, but also boost clean energy exports to neighboring countries.
He also criticized international sanctions, stating, “Economic sanctions harm not only Iran, but have also inflicted political and economic damage across the region and the global economy.”