TEHRAN (IRNA) – The 10th session of the Iran-Oman Joint Economic Committee kicked off here Saturday with an inaugural speech by Iran's Minister of Industries and Mines Ali-Reza Tahmasbi.

Twenty Omani officials, industrialists and businessmen and 60 Iranian executives of state-owned companies, industrialists and banking officials are attending the session.

Addressing the inaugural ceremony, Tahmasbi pointed to the trend of increasing economic ties between Iran and Oman, and hoped sessions of this kind would further boost the countries' bilateral cooperation.

"Growth in Iran's gross domestic product (GDP) in the current year, the decrease in foreign debt and increase in forex reserves and increase in exports of industrial and mineral products point to a more conducive atmosphere for sustained development and promotion of Iran's economic potentials.

"Iran's industrial and mineral production has increased by 41 percent. Its economic growth has been continuing and there are good opportunities for domestic and foreign investment.

"Iran undertook serious development and reform of its economic infrastructure in the past two years and took major strides towards economic reform," Tahmasbi said.

He cited economic reforms to encourage foreign investment and reduce import taxes, speeding up of privatization, liberation of trade, removal of non-tariff obstacles, codification of industrial strategies and the growing presence in international markets as among the important measures taken by Tehran to boost its economy.

Iran is determined to increase its industrial and mineral production during the Fourth Five-Year Economic Development Plan, he added.

The minister, moreover, said that the country was targeting an increase in its production of raw steel from 11 million to 28 million tons and of steel products from 10.5 million to 18 million tons.

Aluminum production should get a boost from the current 220,000 to 700,000 tons, he said. Pointing to the country's attainment of self-sufficiency in the agriculture sector, he said: "Iran is ready to cooperate with its friend Oman in agricultural processing and exports of processed agricultural products."

He also expressed the private sector's desire to cooperate with Oman in various industrial and economic projects.

Omani Minister of Commerce, Industry and Minerals Maqbul bin Ali Sultan, for his part, hoped the commission session would come up with important decisions that would encourage expansion of economic and industrial ties.

He said scientific development, implementation of agreements previously reached between the two countries and removal of obstacles likely to crop up in their economic, commercial and cultural cooperation would be on the agenda of the 10th session of the two countries' joint session.

He said previously held talks between the two sides on various issues including oil and gas cooperation, gas imports from Oman and a possible joint venture on oil and gas would be finalized in the current session.

The 10th session of the Iran-Oman Joint Economic Committee will conclude its work on Sunday.