Iran-Oman Business Forum Explores New Trade Deals

EghtesadOnline: The Iran-Oman Business Forum was held in Tehran on Monday to boost trade exchange between the Sultanate of Oman and the Islamic Republic of Iran, Oman News Agency reported.

News ID: ۷۵۲۵۲۷

10 May 2023

The forum is aimed at consolidating bilateral business relations, forming strategic partnerships to augment the volume of investments and business activity, and exploring new economic fields.

Several B2B meetings were held during the forum between Omani and Iranian businesspeople for striking business and investment deals. As many as 250 Iranian firms took part in the event.

According to the Iran Chamber of Commerce, Industries, Mines and Agriculture, the host of the event, business opportunities in the fields of agriculture, food products, construction materials, medicine and medical equipment were examined.

The forum was attended by members of the Iran-Oman Business Council and the delegation taking part at Iran Expo 2023.

The council held its first meeting for 2023 on March 22 under the chairmanship of Mohammed Abdul Hussein Baqer, the head of the Omani side in the council. The meeting, held at the  Oman Chamber of Commerce and Industry’s headquarters, discussed a spectrum of business, economic and investment issues. It also touched on the council’s performance during the previous period, in addition to what will be implemented during 2023, Times of Oman reported.

The meeting highlighted means of enhancing trade exchange, which contributes to boosting exports and imports.

The Fifth Export Potential Exhibition of Iran, also known as Iran Expo 2023, opened in Tehran on Sunday in the presence of President Ebrahim Raisi.

A total of 750 domestic companies are present in this year’s event and 60 countries had expressed readiness to visit the Iran Expo 2023, IRNA reported.

Lasting until May 10, the event is hosting 70 commercial and governmental delegations, including more than 1,200 traders and government officials from the world over. It is aimed at expanding Iran’s export markets with special focus on East Asia, Eurasia, Africa and Latin America, as well as diversifying the country’s exports (particularly knowledge-based products and those with higher added value) to increase the resilience of the Iranian economy.

The Trade Promotion Organization of Iran believes the event will lead to a $2 billion increase in Iran’s export revenues, considering the high turnout of foreign traders.

Twelve groups of export products, including knowledge-based products, medical equipment, home appliances, industry, food products, petrochemicals, construction, handicrafts and techno-engineering services are being showcased during the four-day event.

Iran’s Exports to Oman Rise 52% in FY 2022-23

Iran’s exports to Oman stood at 3.34 million tons worth $1.08 billion in the fiscal 2022-23 (ended March 20), registering a 29% and 52% growth in terms of weight and value respectively compared with the year before, according to the Islamic Republic of Iran Customs Administration.

The value of exports stood at $716.22 million, the news portal of Iran’s Chamber of Commerce, Industries, Mines and Industries reported.

Imports amounted to 942,202 tons worth $800.47 million.

The imports’ value stood at $619.42 million in the fiscal 2021-22.

In total, the value of trade between the two countries in the last fiscal year increased by 41% to $1.88 billion, compared with $1.33 billion in the previous year.