TEHRAN - Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has proposed the creation of a joint investment fund between Iran and Oman to support industrial projects, as part of broader efforts to deepen bilateral trade and private-sector collaboration.

During a meeting in Muscat with Qais Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, ICCIMA Head Samad Hassanzadeh welcomed the growth in bilateral trade, which has surpassed $2.0 billion. He emphasized that the trade volume could potentially reach between $20 billion and $30 billion, given the countries' untapped economic potential.

Hassanzadeh stressed the need for a clear financial framework to facilitate transactions between private enterprises in both countries. He proposed the establishment of licensed exchange houses under central bank supervision and the implementation of a barter mechanism to ease payment challenges.

The Iran Chamber head also advocated for re-exporting Iranian goods to African and East Asian markets through Oman; cooperation in supplying key industrial inputs to Iran; joint ventures in petrochemicals, hospitality, power generation, fisheries, and agriculture.

He further called for the formation of an industrial and investment committee involving the industry ministries and chambers of commerce from both countries. The aim would be to evaluate and coordinate development projects, particularly those utilizing Iran's tech-savvy startups and industrial base.

Hassanzadeh also proposed joint investment in the International North–South Transit Corridor (INSTC) to enhance rail and road connectivity with Central Asia and Europe, as well as the Makran coast, specifically Jask and Chabahar ports, as strategic logistics hubs providing access to the Caucasus and Eurasian markets.

The visit was part of an Iranian business delegation mission to Oman, seeking to capitalize on growing economic ties and the imminent activation of the first interbank transfer mechanism between the two countries.

Also during an Iran-Oman Business Forum in Muscat on Wednesday (May 28), Iranian President Masoud Pezeshkian said that the value of trade between Iran and Oman can reach $20 billion-$30 billion.

Emphasizing the position of Iran and Oman in connecting regional markets, the president said: "We can jointly establish strategic ties with important markets in the region and the world by using our geopolitical capacity."

Referring to his talks with Sultan Haitham bin Tariq the previous day and the agreements reached in these talks, the president stated: "What is most important today is to create infrastructure to strengthen the connection of land, sea and air routes between the two countries, because only in such a context can commercial, scientific, industrial and economic cooperation be deepened."

Iran and Oman discussed ways to boost banking ties during a meeting between the Governor of the Central Bank of Iran (CBI) and Oman's Minister of Commerce, Industry, and Investment Promotion.

According to Oman’s state news agency, Qais bin Mohammed al-Yousef held talks on May 27 with Mohammadreza Farzin in Muscat. The meeting took place as part of Iranian President Masoud Pezeshkian’s official visit to Oman aimed at strengthening bilateral economic and financial relations.

The two sides reviewed measures to enhance cooperation in trade and investment, ease financial transactions, and streamline trade procedures between the two countries. Discussions also focused on initiatives to support joint economic projects, stimulate bilateral trade, and facilitate private sector exchanges.

Both parties reaffirmed their commitment to continued coordination and cooperation in areas of mutual interest, with a shared goal of strengthening bilateral relations and promoting sustainable economic growth.

The official visit to Oman marks a significant step in the Iranian government's ongoing efforts to strengthen regional ties and deepen bilateral relations with Muscat.

EF/MA