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  • 28-05-23

    Iran, Oman Aim to Expand Bilateral Trade to USD3 Billion

    (MENAFN) Efforts are underway to strengthen trade relations between Iran and Oman, with both countries displaying determination and taking significant steps towards achieving a bilateral trade volume of USD3 billion. The investigation into their trade relations reveals a positive trend, as the value of their bilateral trade increased from USD1.3 billion in the Iranian calendar year 1400 to USD1.8 billion in the past Iranian year 1401. This substantial growth indicates the potential for the two countries to reach their target of USD3 billion in the shortest possible time.

    According to the deputy chairman of the Iran-Oman Joint Chamber of Commerce, the value of Iran's exports to Oman witnessed an impressive surge of nearly 100 percent during the past Iranian year. Shahla Amouri reported that Iran's export value to Oman reached USD1.2 billion in the previous year, compared to USD600 million in the preceding year. This remarkable increase demonstrates the expanding trade activities between the two nations.

    Amouri further emphasized the potential for expanding trade between Iran and Oman. She highlighted a significant development in Oman's business environment, specifically the reduction of commercial company registration fees for foreign investors. This move by the Omani government provides a favorable opportunity for Iranian traders and businessmen to enhance Iran's foreign trade. Amouri also noted that the reduction in registration fees came into effect on April 1, marking a positive step towards facilitating trade and investment between the two countries.

    The commitment to enhancing trade relations between Iran and Oman is evident through their increasing trade volumes and efforts to create a more favorable business environment. The expansion of bilateral trade to USD3 billion is an ambitious yet attainable goal, considering the steady growth witnessed in recent years. Both countries are actively working towards strengthening their economic ties, which is expected to yield mutual benefits and further promote economic cooperation between Iran and Oman.

    MENAFN28052023000045014228ID1106331598

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