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05-04-23

Iran, Oman Look to Expand Trade Activities with New Agreements

(MENAFN) The Iran-Oman Joint Chamber of Commerce is set to expand trade activities between the two countries, according to an announcement by the deputy chairman, Shahla Amouri. The Omani government has reduced the cost of registering a commercial company in Oman for foreign investors since April 1, making it a good opportunity for Iranian traders and businessmen to develop the country's foreign trade. The reduction in commercial company registration fees is part of Oman's efforts to develop trade with other countries, and Iranian enterprises can take advantage of this opportunity to further grow trade with Oman.

In November 2022, Oman's Deputy Minister of Commerce, Industry, and Investment, Saleh bin Said Masan, announced that Iran and Oman are finalizing a mechanism for facilitating financial exchanges between the two countries. While the two countries still face challenges in trade exchanges, the central banks of both countries have offered different solutions to these challenges. Technical teams from both Iran and Oman are working to take the agreements signed on trade cooperation and customs facilities into effect.

During a meeting between the head of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA), Gholam-Hossein Shafeie, and Saleh bin Said Masan, the potential for expansion of trade between Iran and Oman was highlighted. Shafeie noted that Iran can export to other countries, especially African countries, through Oman, which would be in line with the interests of both sides. The two countries can also work on making joint investments and cooperation on health tourism.

The Iran-Oman Joint Chamber of Commerce has taken measures in cooperation with the Oman Chamber of Commerce and Industry (OCCI) to reopen bank accounts for Iranian traders who intend to make investments in Oman. This move is expected to improve trade cooperation between the two neighboring countries. The central banks of Iran and Oman have also had negotiations for issuing credit cards for Iranian traders and businessmen.

The Chairman of OCCI, Ridha bin Juma Al Saleh, emphasized that the private sector needs to inspire investors to use Oman's open doors policy. The two countries have found solutions to many of the obstacles on the way of bilateral trade, including opening accounts for Iranian businesspersons in Oman. With these new agreements and efforts, Iran and Oman are looking to expand trade activities and boost economic growth in both countries.
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