TEHRAN- Iran exported non-oil commodities valued at $305 million to Oman during the first two months of the current Iranian calendar year (March 21-May 21), according to the head of the Islamic Republic of Iran Customs Administration (IRICA).

Foroud Asgari said that Oman was Iran’s seventh top non-oil export destination in the mentioned two-month period.

Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has proposed the creation of a joint investment fund between Iran and Oman to support industrial projects, as part of broader efforts to deepen bilateral trade and private-sector collaboration.

During a meeting in Muscat, in late May, with Qais Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, ICCIMA Head Samad Hassanzadeh welcomed the growth in bilateral trade, which has surpassed $2.0 billion. He emphasized that the trade volume could potentially reach between $20 billion and $30 billion, given the countries' untapped economic potential.

Hassanzadeh stressed the need for a clear financial framework to facilitate transactions between private enterprises in both countries. He proposed the establishment of licensed exchange houses under central bank supervision and the implementation of a barter mechanism to ease payment challenges.

The Iran Chamber head also advocated for re-exporting Iranian goods to African and East Asian markets through Oman; cooperation in supplying key industrial inputs to Iran; joint ventures in petrochemicals, hospitality, power generation, fisheries, and agriculture.

He further called for the formation of an industrial and investment committee involving the industry ministries and chambers of commerce from both countries. The aim would be to evaluate and coordinate development projects, particularly those utilizing Iran's tech-savvy startups and industrial base.

Hassanzadeh also proposed joint investment in the International North–South Transit Corridor (INSTC) to enhance rail and road connectivity with Central Asia and Europe, as well as the Makran coast, specifically Jask and Chabahar ports, as strategic logistics hubs providing access to the Caucasus and Eurasian markets.

The visit was part of an Iranian business delegation mission to Oman, seeking to capitalize on growing economic ties and the imminent activation of the first interbank transfer mechanism between the two countries.

Also, during an Iran-Oman Business Forum in Muscat on Wednesday (May 28), Iranian President Masoud Pezeshkian said that the value of trade between Iran and Oman can reach $20 billion-$30 billion.

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."

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 May 27 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.

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.

Meanwhile, the ICCIMA head, who had traveled to Muscat at the head of a trade delegation at that time, 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 believed 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."

Iran and Oman signed 18 memoranda of understanding in various fields during the official two-day visit of Iranian President Masoud Pezeshkian to Muscat.

The agreements, signed on the sidelines of the Iran-Oman Joint Economic Committee meeting on May 27, aim to deepen ties in multiple sectors, including legal, economic, political, cultural, educational, health, defense, media, technology, energy, and mining.

In a symbolic gesture highlighting cultural and historical bonds, officials from both nations also unveiled a commemorative joint postage stamp.

President Pezeshkian arrived in Muscat on May 27 at the official invitation of Oman’s Sultan Haitham bin Tariq.   

Following a formal welcoming ceremony at Muscat International Airport, Pezeshkian held a meeting with Oman’s Sultan. The visit continued with a joint session between high-ranking delegations from both countries.

During the meeting, Pezeshkian said that Iran is ready to boost cooperation with Oman in all fields, adding that the two countries possess capabilities that can be employed for the well-being and progress of the two nations as well as that of other regional nations.

“We are ready to do whatever is within our capability for the dignity and greatness of Muslims. Each of us has capacities that can be employed for the well-being and progress of one another and of other nations in the region,” Pezeshkian said.

Sultan Haitham also welcomed closer ties, saying that he agrees that if the avenues for business activities are opened, the two countries “will witness a significant leap in the bilateral relations.”

“The relations between Iranian and Omani ports must be developed, and the rail capacity from northern to southern Iran is of great commercial importance to us,” he said, adding that more support is needed for cooperation in the energy sector.

MA