TEHRAN- Iran will set up a pavilion in Oman’s Interior Design Furnishing Expo (IDF Oman) which will be held in Muscat from February 11 to 13, 2020, Trade Promotion Organization of Iran (TPO) published on its official website on Tuesday.

The international exhibit, which is held in Oman International Exhibition Center, is growing steadily 15 percent–20 percent every year, as published on the website of the event.

According to the data released by the Islamic Republic of Iran Customs Administration (IRICA), the value of trade between Iran and Oman has increased to $870 million during the first seven months of this year from $557 million in the same period of time in the past year.

While the number of Iranian companies registered in Oman was just 263 in 2014 (when President Hassan Rouhani visited Muscat), the figure reached 1,163 by the end of 2018.

Iranian president’s trip to Oman led to the all-out expansion of economic ties between the two countries.

Also, despite the U.S. reimposition of sanctions against the Islamic Republic, Oman is getting closer to Iran both politically and economically. There is also the same approach adopted by Iran, as Iranian companies now prefer to conduct trade with Oman rather than the United Arab Emirates (UAE), given that the UAE is highly complying with the sanctions.

Iran is somehow replacing some of its previous strategic trade partners such as UAE with Oman, considering the Sultanate as an economic-trade hub.

During the current year there have been many meetings and negotiations between trade and economic officials from the state-run and private sectors of the two sides with the aim of strengthening and expanding bilateral trade ties.

Developing sea transport between the two sides, facilitating visa issuance for Iranian and Omani traders, rising number of Iranian companies in Oman and also more competitive prices of Iranian products in the Omani market compared to the past are some of the major reasons behind expanded economic cooperation between the two countries.

MA/MA