TEHRAN- Iranian President Masoud Pezeshkian said that the value of trade between Iran and Oman can reach $20 billion-$30 billion.

The president made the remarks in an Iran-Oman Business Forum in Muscat on Wednesday (May 28).

Emphasizing the position of Iran and Oman in connecting regional markets, the president said: "We can jointly establish strategic ties with important markets in the region and the world by using our geopolitical capacity."

Referring to his talks with Sultan Haitham bin Tariq the previous day and the agreements reached in these talks, the president stated: "What is most important today is to create infrastructure to strengthen the connection of land, sea and air routes between the two countries, because only in such a context can commercial, scientific, industrial and economic cooperation be deepened."

Tehran, Muscat explore banking cooperation

Iran and Oman discussed ways to boost banking ties during a meeting between the Governor of the Central Bank of Iran (CBI) and Oman's Minister of Commerce, Industry, and Investment Promotion.

According to Oman’s state news agency, Qais bin Mohammed al-Yousef held talks on Tuesday with Mohammadreza Farzin in Muscat. The meeting took place as part of Iranian President Masoud Pezeshkian’s official visit to Oman aimed at strengthening bilateral economic and financial relations.

The two sides reviewed measures to enhance cooperation in trade and investment, ease financial transactions, and streamline trade procedures between the two countries. Discussions also focused on initiatives to support joint economic projects, stimulate bilateral trade, and facilitate private sector exchanges.

Both parties reaffirmed their commitment to continued coordination and cooperation in areas of mutual interest, with a shared goal of strengthening bilateral relations and promoting sustainable economic growth.

President Pezeshkian arrived in Muscat earlier on Tuesday at the invitation of Omani Sultan Haitham bin Tariq Al Said for a two-day visit. Following an official welcome ceremony, Pezeshkian held a private meeting with the Sultan at Al Alam Palace before high-level delegations from both countries convened for broader talks.

Muscat is the tenth international destination Pezeshkian has visited since taking office, following trips to Iraq, the United States, Qatar, Turkmenistan, Russia (twice), Tajikistan, Egypt, and Azerbaijan. These visits align with his administration’s focus on fostering neighborhood diplomacy, balanced engagement, and expanded regional and international cooperation.

The official visit to Oman marks a significant step in the Iranian government's ongoing efforts to strengthen regional ties and deepen bilateral relations with Muscat.

Iran, Oman should move towards defining joint investment projects

The head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), who has also travel to Muscat, at the head of a trade delegation, attended a conference to review trade opportunities between Iran and Oman and presented seven proposals to deepen Iran-Oman relations in the economic field. He believes that moving towards defining joint investment projects is a suitable solution in this direction.

Addressing the conference, Samad Hasanzadeh said that the presence of entrepreneurs from Iran and Oman in this valuable conference indicates the serious interest of the private sectors of the two countries in comprehensively deepening relations and promoting bilateral economic cooperation.

Hassanzadeh stated that expanding economic relations with neighboring countries is Iran's strategic priority, adding: "Iran's private sector is very keen to cooperate with Omani companies. Given the wide variety of cooperation capacities between the two countries, it is necessary to focus on the future of relations so that, by optimally utilizing new opportunities, a suitable roadmap for joint relations and cooperation that includes the interests of both parties can be defined and drawn."

He considered the cultural and historical commonalities, good neighborliness, and excellent political relations in the region as important capacities for deepening economic relations, adding: "In recent years, the value of trade between the two countries has exceeded $2 billion, and there is a clear prospect of increasing this figure to a much higher level."

EF/MA