4 days ago
$30bn 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. Faisal bin Abdullah al Rowas, Chairman of Oman Chamber of Commerce and Industry
Rowas underlined OCCI's focus on key sectors, including maritime transport, renewable energy and logistics. He reaffirmed the chamber's commitment to supporting partnerships between the private sectors in both countries.
Samad Hassanzadeh, President of Iran Chamber of Commerce, Industries, Mines and Agriculture, urged business leaders to use the preferential trade agreement between the two nations to build stronger ties.
He called for a clear roadmap and regular meetings to keep the momentum going.
Mohammed Abdulhussein Baqer, Omani Co-Chair of the Omani-Iranian Joint Business Council, said it is working on a series of strategic initiatives to raise trade and investment flows. These include setting up permanent sea and air routes, launching an exchange company to support financial transfers and developing an online platform to connect exporters, importers and investors from both sides.
Jamal Razeqi Jahromi, Iranian Co-Chair of the joint council, said the current trade volume does not reflect the historical relations between Oman and Iran. He urged business leaders to take advantage of the agreements signed during President Pezeshkian's visit to expand cooperation.
