Oman and Iran seek to expand economic ties

Oman's  Minister of Commerce, Industry and Investment Promotion, Qais Mohammed Al Yousef met in Tehran today with Mahdi Niazi, Acting Minister of Industry, Mines and Trade of the Islamic Republic of Iran.

The meeting took place during the visit of His Majesty Sultan Haitham bin Tarik to Iran.

The Ministers reviewed ways to enhance economic, business and investment relations between the two countries. They also discussed increasing trade and investments.

The meeting discussed the memorandum of understanding (MoU) signed between the Ministry of Commerce, Industry and Investment Promotion and Iran’s Ministry of Economic Affairs and Finance. The MoU deals with investment promotion and exchanging investment opportunities and information in a bid to attract Iranian investors to various sectors in Oman, especially industry, tourism, mining, food security and logistics.

The meeting focused on the issue of how to provide further incentives to Omani and Iranian businesspeople and discussed granting more facilities to Omani and Iranian business executives to enter into commercial and investment partnerships. Earlier, an understanding was signed between the Omani-Iranian Business Council and Iran Khodro Motors Company to explore finding a local distributor for the company in Oman and neighbouring markets.

Trade between Oman Iran has grown by nearly 30 per cent in the past two years, reaching nearly 321 million Omani riyals by the end of 2022.

This is an unofficial English version of an Arabic report. To view the official Arabic text, click here.