Press TV - Iranian Foreign Minister Mohammad Javad Zarif says the Islamic Republic is ready to hold talks with Saudi Arabia and other Persian Gulf countries to promote regional security.

"We are ready for negotiations with Saudi Arabia and other Persian Gulf littoral states and we are ready to give proposals regarding security in this region, particularly the Strait of Hormuz," Zarif said in an address to a meeting held in the Indian city of Mumbai on Friday in coordination with All India Association of Industries (AIAI).

He added that Iran has also presented proposals on ways to establish peace in the Strait of Hormuz.

Established in 1956 in Mumbai, the AIAI has over 1,500 members and through its affiliates it represents over 50,000 industries.

In an address to the 74th session of the United Nations General Assembly on September 25, Iranian President Hassan Rouhani said as a steward of maritime security in the Persian Gulf and the Strait of Hormuz, Iran invites all countries that are affected by developments in the strategic region to join the country�s new regional peace initiative, dubbed Hormuz Peace Endeavor (HOPE).

He said the �coalition of hope� aims to promote peace, stability, progress and prosperity of littoral states and help achieve mutual understanding and establish peaceful and friendly relations among them.

The Iranian foreign minister said in October 2019 that he is ready to visit Saudi Arabia to help reduce tensions between Riyadh and Tehran if suitable conditions existed.

�If suitable conditions are provided, I would be ready to travel to Riyadh to settle differences� between the two countries, Zarif said while answering a question posed by Yemen�s Arabic-language al-Masirah news agency.

"Tehran welcomes any initiative that aims to ease tensions in the region and will cooperate [with other parties] to end Yemen�s war," he added.