Iran-Oman annual trade to hit $2b: Businesswoman
Sadeq Dehqan
Staff Writer
The annual bilateral trade of Iran and Oman is set to reach $2 billion, according to the secretary general of the two countries’ Joint Chamber of Commerce.
Announcing the projection, , Arzoo Jamali stated that boosting trade infrastructure, along with the development of a road map for economic relations, has played a significant role in increasing trade. The growth of direct sea transportation lines has also helped increase Iran’s imports from Oman, leading to a 44% rise in the import of goods during the first 10 months of the current Iranian ($1.567 billion) compared to the same period last year ($1.016 billion), according to her.
Jamali predicted that the volume of trade between the two countries will continue to rise, potentially reaching $2 billion by the end of the current Iranian year. “The increase in direct sea transportation lines, especially from the port of Jask to Oman’s Al-Suwaiq Port, has provided suitable conditions for imports to the country.”
Moreover, the first private sector sea freight line was established in May 2022 from Bandar Abbas to Oman’s Sohar port, which is considered to be the second heavily equipped port of Oman. Expansion of the shipping container line aims at transshipping export goods and increasing reexport or import from Oman. This will be done by both refrigerated containers and ordinary ones.
Jamali attributed the growth of trade between the two countries to the approach of the 13th government to the development of trade relations with neighboring countries, especially Oman. She added that the Trade Promotion Organization is the main custodian of foreign trade planning and policy making, and has taken very good measures to develop Iran’s exchanges with neighboring states.
“The infrastructure and capacity of maritime transport between Iran and Oman has also developed significantly, with more than 80 vessels traveling between the ports of the two countries on a daily basis, most of them moving fruits and agricultural products and bulk goods between the two countries.”
Jamali also noted that facilitating currency transfers contributed to increased volume of exchanges between the two countries, stating that the first authorized exchange of the Central Bank of Iran started its activity in the field of Oman-related works in Tehran last year.
“The joint chamber of commerce is also pursuing the establishment of the first Iranian exchange in Oman through one of the country’s private banks by obtaining the necessary permits and organizing all matters related to foreign currency transfers of traders,” she concluded.