$30bln trade target as Oman-Iran bilateral ties deepen
Muscat – Oman and Iran are targeting a sharp increase in bilateral trade, aiming to grow the current volume of US$2bn to US$30bn within three years. The announcement was made during a high-level business meeting held at Al Alam Palace in Muscat, attended by Iranian President Dr Masoud Pezeshkian and Omani and Iranian business leaders.
President Pezeshkian called for stronger links between economic corridors and ports in both countries to develop trade and investment cooperation with the aim of increasing the trade volume. He said Iran is ready to work with Oman across economic, scientific and cultural sectors, and emphasised the importance of facilitating financial transfers to support business operations.
'We are committed to building partnerships across multiple sectors and ensuring that the benefits are mutual,' he said, adding that Iran remains focused on promoting security and stability in the region while supporting the broader Muslim community.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, said Oman is working to diversify its economy under the guidance of His Majesty Sultan Haitham bin Tarik. He encouraged the Iranian delegation to explore opportunities in sectors such as renewable energy, tourism, logistics, food security and industry.
'Trade between Oman and Iran grew by over 50% last year, and the number of Iranian companies operating in Oman rose 70%,' the minister said. He cited the opening of an Iranian biopharmaceutical factory, a petrochemical plant and other industrial projects in Oman as examples of growing cooperation. He also highlighted the Sarooj Complex as a key Omani investment in Iran.
Faisal bin Abdullah al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said formation of the Omani-Iranian Joint Business Council has helped boost trade exchange and address challenges faced by business leaders in both countries. 'This meeting under the patronage of the leadership sends a clear signal of support for the private sector's role in building durable economic ties,' he said.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
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