June 26, 2022

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Iran Expects to Increase Trade With Oman by 50%

Iran Expects to Increase Trade With Oman by 50%
Iran Expects to Increase Trade With Oman by 50%

Iran’s trade with Oman is expected to increase by nearly 50% in value terms in the calendar year to late March 2023, says a businessman watching over trade between the two countries, amid efforts by the two neighbors to deepen their economic ties.

TEHRAN (Iran News) –  Iran’s trade with Oman is expected to increase by nearly 50% in value terms in the calendar year to late March 2023, says a businessman watching over trade between the two countries, amid efforts by the two neighbors to deepen their economic ties.

Mohsen Zarrabi, who chairs the Iran-Oman Joint Chamber of Commerce, said during the annual meeting of the general assembly of the chamber that trade between Iran and Oman will hit a target of $2 billion at the end of the current calendar year, up from $1.336 billion reported for the year to March this year.

Zarrabi said Iranian exports to Oman are expected to reach $1.2 billion over the same period.

He added that exports to Oman had increased by 28% year on year over April and June to stand at $203 million while Iran’s imports from the Arab country had surged by 187% over the same period to reach $128 billion.

Zarrabi also reiterated that the direct shipping line between Iran’s Shahid Beheshti Port and Oman’s Sohar Port which had been halted due to the sanctions will resume its activities from June 20 and both countries will have direct access to their ports and therefore re-export from Oman or imports from this country will rise with lower costs.

He also pointed to the MoU which was signed last year with Oman’s Chamber of Commerce for exchange of trade delegations between the two countries and especially between provinces and private sectors.

The businessman announced the figures during a meeting with Oman’s ambassador to Tehran Ibrahim Ibrahim Ahmed al-Ma’aini.

During the meeting, al-Ma’aini described as promising the bilateral trade between Iran and Oman considering the figures for the past two months.

He expressed hope the two countries can maintain the rising trend in exports and imports over the next months.

The ambassador noted that Oman does its best to remove all hurdles and to facilitate the trade exchanges with Iran and it welcomes any joint investment which meets interests of the two countries.

A senior trade delegation from Iran traveled to Oman in mid-May to discuss bilateral trade ties just before Iranian President Ebrahim Raisi traveled to the Sultanate for an official visit.

The delegation led by Iranian deputy trade minister Alireza Peymanpak consisted of representatives from 30 Iranian companies as well as officials from Iran’s ports authority and the country’s Export Guarantee Fund.

Ibrahim Ahmed al-Ma’aini

Original News : https://irannewsdaily.com/2022/06/iran-expects-to-increase-trade-with-oman-by-50/

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