Iranian President meets Omani and Iranian business leaders

Dr Masoud Pezeshkian President of the Islamic Republic of Iran, met at Al Alam Palace in Muscat with a number of Omani and Iranian business leaders to discuss ways of enhancing trade and investment relations between the Sultanate of Oman and the Islamic Republic of Iran.

This meeting was part of the Iranian President’s official visit to Oman.

President Pezeshkian emphasised the importance of linking economic corridors and ports in both countries to develop economic, trade, and investment relations, aiming to increase trade volume to USD 30 billion over the next three years.

He said that Iran is ready to cooperate with Oman in various economic, scientific, and cultural fields, stressing the importance of exchanging views and expertise to strengthen economic ties and engage in joint investment projects across multiple sectors. He also highlighted joint efforts to facilitate financial transfers between the two countries. He affirmed the Islamic Republic of Iran's commitment to expanding and enhancing security and stability in the region and the world while extending support to all Muslims.

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion, said that under the wise leadership of His Majesty the Sultan, Oman is advancing efforts to boost investment and diversify its economy. He expressed the hope that the trade delegation would explore investment opportunities in various fields, particularly renewable energy, industry, tourism, mining, logistics, food security, medical and food industries, information technology, and real estate development.

He noted that trade between the two countries has grown significantly, with an increase of more than 50% in just the last year. He added that Iranian investments have also expanded considerably, with the number of Iranian companies in Oman rising by 70% across various sectors. This development includes an Iranian biopharmaceutical research and development company opening a factory in Oman, along with a petrochemical manufacturing plant and other projects producing industrial salt, fertilisers, and buses. He also pointed out that the Sarooj Complex is one of Oman’s significant investments in Iran.

Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that since its establishment, the OCCI has worked to solidify and develop trade relations through various initiatives, including the formation of the Omani-Iranian Joint Business Council. The Council aims to activate trade exchanges, facilitate bilateral business meetings, strengthen connections between business leaders in both countries, address challenges faced by traders and investors, and expand partnerships in strategic sectors.

He said that the esteemed patronage of the meeting reflects direct support for the private sector and sends a clear message about its vital role in building strong and sustainable economic relations between Oman and Iran. This, he added, motivates the Chamber’s officials to intensify efforts to enhance trade opportunities, expand bilateral investments, and open new horizons in promising sectors such as industry, food security, maritime transport, renewable energy, and logistics.

He reiterated OCCI’s commitment to providing all means to strengthen partnerships between the Omani and Iranian private sectors, to increase trade volumes, and to encourage mutual investments in line with the economic visions of both countries.

Samad Hassanzadeh, President of the Iran Chamber of Commerce, Industries, Mines and Agriculture, stressed the importance of enhancing economic, trade, and investment relations by outlining a roadmap for their development and holding regular meetings. He urged business leaders to leverage the preferential trade agreement signed between Oman and Iran to elevate these relations.

Mohammed Abdulhussein Baqer, Omani Co-Chair of the Omani-Iranian Joint Business Council, said that the Council is implementing several strategic initiatives to boost trade and investment growth between the two countries and remove obstacles to trade. He noted that bilateral trade reached more than USD 2 billion in 2024.

Among these initiatives are efforts to establish permanent sea and air shipping routes, to set up an exchange company to facilitate financial transfers, and efforts to launch an electronic platform to connect investors, exporters, and importers from both countries.

Jamal Razeqi Jahromi, Iranian Co-Chair of the Omani-Iranian Joint Business Council, said that the  USD 2 billion trade volume in 2024 does not yet reflect the historical ties between Oman and Iran. He called on business leaders to take advantage of all the agreements and memoranda of understanding signed the previous day to increase commercial and investment initiatives.

Following the discussions, several Omani and Iranian companies presented their experiences in trade and investment between the two countries.