Bilateral trade relations and investments will be the key areas that will be in focus during the visit of His Majesty Sultan Haitham bin Tarik to the Islamic Republic of Iran, which begins on Sunday.

The Sultanate of Oman and Iran signed two memoranda of understanding (MoUs) and two cooperation agreements in Saadabad Palace, Tehran, in a bid to enhance development and investments between the two countries.

The two memoranda of understanding deal with promoting investments, exchanging investment opportunities, boosting development and investments in economic zones and free zones. Meanwhile, the two agreements deal with exchanging oil information and the joint study on the Hengam-Bakha field project.

The first MoU was signed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Ehsan Khandozi, Iran’s Minister of Economic and Financial Affairs.

The second MoU was signed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Hojatollah Abdolmaleki, Iran’s Adviser to the President and Secretary of the High Council for Free Zones.

The two agreements were inked by Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals and Ali Akbar Mehrabian, Iran’s Minister of Energy.

The signing ceremonies were attended by the official delegations from both sides.

Oman, Iran explore ways to boost trade ties

Razaghi said: “Boosting joint investments and setting well-established mechanisms for accelerating the executive procedures for investment would achieve sustainability of the trade relations. The joint investments and cooperation, currently witnessed by businessmen, is the result of the strong relationship set by the governments of both the countries during the past years.”

He also stressed the significance of the role of the private sector in both the countries and the necessity for continuation of communication and coordination between Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) and Oman Chamber of Commerce and Industry (OCCI) for the increase of trade exchange and investments between the Sultanate of Oman and the Islamic Republic of Iran.

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