Iran’s minister of economic affairs and finance says the increase of the Islamic Republic’s power in the new world order has enabled the country to play an active role in areas such as combating climate change, technology transfer and joint investments.

According to The Iran Project, Abdolnaser Hemmati made the remarks during his speech at the 28th World Investment Conference of the World Association of Investment Promotion Agencies (WAIPA) in the Saudi capital Riyadh on Monday.

“The Islamic Republic of Iran, by forming a national unity government within the country and strengthening its position in international forums—such as officially joining of the Shanghai Cooperation Organization (SCO) and BRICS, as well as [fostering] close cooperation with the Eurasian Economic Union and neighboring countries in the Persian Gulf—has consistently pursued to lay the groundwork for joint collaboration,” he stressed.

Hemmati added that the unequal growth in emerging and advanced economies, rising trade tensions, and the slowdown of global supply chains have become fundamental issues for all governments, stressing, however, that amid these challenges, unprecedented opportunities have also emerged.