TEHRAN - Iranian Industry, Mining and Trade Minister Abbas Ali-Abadi 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.

One of the MOUs was signed by Iran’s Minister of Industry, Mining and Trade Abbas Aliabadi, and Oman’s Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef on supporting joint investment by the two sides.

Iran’s Ministry of Industry and Oman’s Chamber of Commerce also signed an MOU to boost cooperation in technology as well.

The two sides have also exchanged views on ways of expanding cooperation in the field of fishery and agriculture, deciding to hold a joint fishery exhibition soon.

During the joint committee meeting, Aliabadi announced Iran’s readiness to jointly implement key industrial projects with Oman including the construction of an industrial park, the establishment of power plants as well and cooperation in maritime transport projects among others.

The Omani minister on his part emphasized the importance of boosting economic and trade relations between Tehran and Muscat.

During his stay in Tehran, Mohammed Al Yousef also met with the Head of the Central Bank of Iran (CBI) Mohammad-Reza Farzin, and stressed the importance of using Iranian and Omani national currencies in mutual trade.

The Omani official said his country wants to have a strong presence in establishing the required infrastructure for banking and monetary transactions in Iran, implementing joint projects, as well as making investments in industrial and mineral projects. Omani investors are also keen to participate in energy projects and to develop Iran’s gas fields, he added.

The top Iranian banker also said that his country welcomes any measure that helps boost monetary and banking cooperation between the two countries.

Farzin stressed the importance of using national currencies by the two countries in their mutual trade instead of the dollar as well.

Aiming to expand economic ties, Iran and Oman 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 in late May.

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 mid-July, 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 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.

Referring to the 40 percent growth of trade exchanges between the two countries in the previous year, the official said: “Although this positive trend is significant, the ICCIMA is trying to increase the volume of exchanges as much as possible.”

He pointed out that the Joint Economic Committee meeting of Iran and Oman will soon be held in Tehran, noting that the ICCIMA is ready to discuss ways of facilitating the trade between the private sectors of the two countries in the mentioned meeting.

Also, in early May, a Joint Iran-Oman Business Forum was held at the place of 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 former 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.”

MA