TEHRAN – Iran and Oman have untapped economic potential which they can use to multiply their economic and trade relations, Acting President Mohammad Mokhber has said.

The two countries enjoy brotherly and historical ties, but there is still unused potential that both sides can use to further strengthen their cooperation, especially in the economy sector, he added.

Mokhber made the remarks on Monday as he hosted talks with Oman’s Foreign Minister Badr bin Hamad al-Busaidi and his accompanying delegation, who visited Tehran to pay respect to martyred president Ebrahim Raisi and his entourage killed in a recent copter crash.

He also expressed gratitude to Oman for its sympathy with the Iranian people and government over the martyrdom of President Raisi and his companions, including Foreign Minister Hossein Amir-Abdollahian. 

Badr bin Hamad al-Busaidi said that he had conveyed Omani King Haitham bin Tariq’s message of sympathy to Iran’s Supreme Leader, as well as officials and people, over the tragic incident in which Oman lost its close friends.

He also said that relations between the two countries are strategic and important, adding that Muscat is willing to expand ties with Tehran further.

Iranian Industry, Mining, and Trade Minister Abbas Ali-Abadi has said the value of trade between Iran and Oman is targeted to become $5 billion.

Saying that signing a preferential trade agreement with Oman is being followed up, the minister said: “Our trade with Oman is targeted to be $3.5 billion first and then $5 billion.”

Iran and Oman have signed two memorandums of understanding (MOU) to boost bilateral cooperation and emphasize the importance of using their national currencies in mutual trade instead of the dollar.

The mentioned MOUs were signed during the two countries’ 20th Joint Economic Committee meeting in Tehran on December 6, 2023.

In May 2023, the two countries signed four cooperation documents in various areas including energy, investment, and free zones during the official visit of Oman's Sultan Haitham bin Tariq al-Said to Tehran.

The document on the energy sector was signed by Iran’s Oil Minister Javad Oji and Omani Minister of Energy and Minerals Salim bin Nasser al-Aufi.

The two countries also signed three other documents to cooperate in the economic, investment, and free zones sectors.

Iranian Finance and Economic Affairs Minister Ehsan Khandouzi and Secretary of Iran's Free Zones High Council Hojatollah Abdolmaleki signed the mentioned documents with the ministers of economy and commerce of Oman.

Meanwhile, in July 2023, the former head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) called for promoting joint investment between the private sectors of Iran and Oman in order to boost the trade exchanges between the two countries.

Hossein Selahvarzi made the remarks in a meeting with the Omani Ambassador to Tehran Ibrahim bin Ahmed Almuaini.

During the meeting, Selahvarzi expressed the readiness of the private sectors of Iran and Oman for joint investments, as well as, using transit capacities of the two countries for re-exports if the necessary infrastructure is provided by the governments of the two countries.