TEHRAN- The investigation of Iran-Oman trade relations indicates that the two countries are determined and taking serious steps to reach a bilateral trade of $3 billion.

Given that the value of their bilateral trade was $1.3 billion in the Iranian calendar year 1400 (ended on March 20, 2022), which rose to $1.8 billion in the past Iranian year 1401 (ended on March 20, 2023), it is possible for the two countries to reach the goal of $3 billion in the shortest possible time.

As announced by the deputy chairman of the Iran-Oman Joint Chamber of Commerce, the value of Iran’s export to Oman has increased by almost 100 percent in the past Iranian year.

Shahla Amouri said that Iran’s export to Oman rose to $1.2 billion in the past year, from $600 million in the preceding year.

She has also said that trade activities between the two countries will be expanded.

Referring to the reduction of the cost of registering a commercial company in Oman for foreign investors, she said: “This action of the Omani government is a good opportunity for Iranian traders and businessmen to develop our country's foreign trade.”

With the follow-ups, the reduction of commercial company registration fees in Oman for foreign investors has been conducted since April 1, she added.

Also, the spokesman of the Iranian House of Industry, Mining, and Trade has announced that the value of Iran’s non-oil export to Oman increased by 20 percent in the first month of the current Iranian calendar year (March 21-April 20), as compared to the first month of the past year.

Ruhollah Latifi said that importing non-oil commodities worth $89.4 million, Oman was Iran’s sixth export destination in the said month.

Exporting non-oil commodities worth $37 million (with one percent growth), Oman was Iran’s fifth source of import in the first month of the present year, Latifi added.

Tehran, Muscat explore new trade partnerships

Earlier this month, a Joint Iran-Oman Business Forum was held at the place of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in a bid to boost trade exchange between the Islamic Republic of Iran and the Sultanate of Oman.

The forum aimed at consolidating bilateral business relations, conducting strategic partnerships to augment the volume of investments and business activity, and accessing new economic fields.

Several B2B meetings were held during the forum between Omani and Iranian businesspeople. The meetings targeted striking business and investment deals. As many as 250 Iranian firms took part in the event.

Prior to the forum, ICCIMA Head Gholam-Hossein Shafeie met with his Omani counterpart to discuss avenues of mutual cooperation between the two countries’ private sectors.

In this meeting, while emphasizing the need to remove trade obstacles, Shafeie said: “Attention should be paid to multilateral cooperation and joint investments so that the markets of the two countries can take advantage of each other’s business opportunities in any situation.”

 Iran ready to eliminate dollar in trade with Oman

 In a meeting between the governor of the Central Bank of Iran (CBI) and a senior trade delegation from Oman on May 8, the Iranian side expressed complete readiness for eliminating the dollar from the two countries’ trade transactions.

Speaking in this meeting, CBI Governor Mohammadreza Farzin said the strategic policy of the Central Bank of Iran is to cut ties with the dollar in foreign exchange and trade.

“We have sound economic and political reasons for this strategy, because, on one hand, the U.S. uses the dollar as a political tool, and on the other hand, other currencies, especially in Asia are getting stronger against the dollar,” Farzin explained.

Referring to the complete readiness of the CBI to reduce and eliminate dollar exchanges from the cycle of commercial and economic transactions between Iran and Oman, the official said: “The grounds for conducting economic and commercial transactions based on the national currencies of the two countries are fully prepared.”

The CBI governor further mentioned the expansion of trade relations between Iran and Oman in the previous Iranian calendar year and said: “The trade between the two countries grew by 40 percent in the past year and reached $1.8 billion.”

He further emphasized the necessity of using joint credit cards between the monetary and banking networks of Iran and Oman in order to facilitate the commercial relations and economic activities of the two countries’ businessmen and stated: “The negotiations in this regard have also been carried out with the Central Bank of Oman and Iran is ready to put the use of joint credit cards on the agenda as soon as possible.”

Oman welcomes investment in Iran’s industry sector

To achieve the sustainable development of the economic relations between the two countries, Iran and Oman have put joint investment on the agenda.

Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef, who traveled to Iran on top of a senior business delegation earlier this month, expressed his country’s interest in investment in Iran’s industry sector.

Yousef made the remarks on the sidelines of a visit to an industrial park near the capital Tehran on May 6, accompanied by the Head of Iran Small Industries and Industrial Parks Organization (ISIPO) Ali Rasoulian.

During the tour, Rasoulian briefed the delegation about Iran’s industrial capabilities and capacities and said: “Considering the fact that 858 industrial parks and zones are active in the country, this area can lay the ground for promoting industrial relations between the two countries.”

He stressed the need for connecting the two countries’ SMEs as another way of boosting economic relations between the two countries.

Further during the visit, the Omani minister and the accompanying delegation also welcomed the purchase of Iranian goods, including electrical and household appliances, electronic products, tiles and ceramics, medicine, etc.

Now, while the Iranian and Omani governments are determined to boost bilateral trade, the upcoming trip of Omani Sultan Haitham bin Tariq Al Said to Tehran (on Sunday) is also a promising event for more expansion of trade and economic relations between the two countries.