Trade between Iran, Oman expected to reach $2b by March 2023

June 15, 2022 - 13:6

TEHRAN – Head of Iran-Oman Joint Chamber of Commerce said the trade between the two countries is expected to reach $2 billion by the end of the current Iranian calendar year (March 20, 2023).

“Considering the upward trend of trade with this country [Oman], it is predicted that by the end of the year, we will record 1.2 billion exports and $2 billion of trade,” Mohsen Zarabi said in the annual ordinary general assembly of the mentioned chamber held at the place of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) on Wednesday.

Last year, the trade between the two countries reached $1.336 billion, indicating a growth of 57 percent compared to the preceding year, Zarabi said.

He said that in the first two months of the current Iranian calendar year (March 21-May 21), exports to Oman reached $283 million with a growth of 28 percent, noting that the figure in the import sector increased by 187 percent to $128 million dollars.

According to Zarabi, the trade between the two countries reached $331 million in the mentioned two months, registering a growth of 145 percent.

The official further noted that agreements have been reached to increase Iranian exports to the Arab country, saying: "One of the ways to increase trade is to introduce Iranian commodities to Omani traders and raise awareness; This is possible by sending trade delegations and holding exhibitions in this country."

In late May, Head of Iran Trade Promotion Organization (TPO) Alireza Peyman-Pak and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef met and agreed on creating a roadmap for the expansion of trade relations and also discussed the establishment of an Iranian trade center in Muscat.

Speaking in this meeting, Peyman-Pak voiced the readiness of his organization and the Iranian Ministry of Industry, Mining, and Trade for providing the necessary infrastructure for expanding trade exchanges between the two countries.

Referring to the recent visit of an Iranian delegation to Oman for attending a business forum hosted by the Muscat Chamber of Commerce, and also holding Iran’s pavilion at Oman’s International Construction Technology, Infrastructure and Building Materials Exhibition (Project Oman 2022), Peyman-Pak proposed that a joint committee would be formed at the deputy level to pursue the development of mutual economic and trade relations.

He also proposed signing a roadmap for trade cooperation between Iran and Oman, which was welcomed by the Omani minister.

Mentioning some of the challenges in the way of developing economic cooperation between Tehran and Muscat, Peyman-Pak said that talks were underway between the ministries and private institutions of the two countries to resolve the problems related to transportation and banking relations.

EF/MA

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