MUSCAT: The Omani-Iranian Joint Committee held its 21st meeting in Muscat on Thursday, January 23, 2025. The meeting was chaired on the Omani side by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and on the Iranian side by Seyed Mohammad Atabak, Minister of Industry, Mining and Trade of the Islamic Republic of Iran, with the participation of several officials from both sides.
During the meeting, discussions focused on trade and investment relations between the two countries and ways to develop them in sectors of mutual interest. Various topics of joint concern were addressed, including the draft agreement on mutual promotion and protection of investments, the memorandum of understanding related to the Organisation of Small Industries and Industrial Cities in the Islamic Republic of Iran, and facilitating trade and investment between the two countries.
The committee also deliberated on activating cooperation programmes in special economic zones, free zones and industrial cities, as well as collaboration in civil aviation, airports, energy, minerals, agriculture, water resources, trade, industry, investment, banking, environmental and health sectors.
Other areas of cooperation discussed included telecommunications services, data centers, submarine cables, spectrum management, cybersecurity, postal services, animal health and veterinary medicine, plant health and quarantine, culture, sports, youth, labour, and human resource development.
Additionally, the committee emphasised enhancing scholarship exchange, student and academic exchange between higher education institutions, aiming to create job opportunities and promote sustainable development in both countries.
Qais al Yousef, Minister of Commerce, Industry and Investment Promotion, affirmed during his speech the depth of the trade and investment relations between the two countries, which have significantly contributed to enhancing cooperation, partnership, and building relationships across various business sectors.
He stated that the strong trade relations between the Sultanate of Oman and the Islamic Republic of Iran have resulted in an increase in the volume of trade exchange between the two countries. Statistics indicate that the trade exchange volume reached RO 335 million in 2023, compared to RO 320 million in 2022, reflecting a growth of approximately 4.7 per cent. As of October 2024, the trade exchange volume reached approximately RO 419 million, highlighting a remarkable growth in trade between the two nations.
The number of registered companies with Iranian contributions by the end of 2024 reached 6,511, compared to 3,757 companies in 2023, marking a growth rate of 73.3 per cent. Additionally, the number of Iranian shareholders increased to 11,726 by the end of 2024, compared to 7,077 by the end of 2023, representing a growth rate of 65.7 per cent.
Al Yousef highlighted the pivotal role of the Omani-Iranian Joint Committee in fostering new trade and investment partnerships by creating an enabling environment for business people from both sides to explore investment opportunities and contribute to increasing the trade exchange volume.
On the sidelines of the meeting, al Yousef met with his Iranian counterpart Seyed Mohammad Atabak. The two sides discussed ways to strengthen trade relations between Oman and Iran, attract more investments in promising sectors, and enhance bilateral relations and trade exchange.
Discussions also touched on a draft memorandum of understanding for mutual cooperation in the field of exhibitions, a draft agreement for the promotion and mutual protection of investments, and a draft agreement on mutual administrative assistance in customs between the governments of both countries.
The meeting was attended by Ibrahim bin Ahmed al Maimani, Oman’s ambassador to the Islamic Republic of Iran, Mousa Farhang, Iran’s ambassador to Oman.
During the visit, the Iranian delegation also toured the Invest Oman Lounge, where they were briefed on the services and facilities provided to investors.
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