Oman’s Deputy Minister of Commerce, Industry and Investment Saleh bin Said Masan said on Saturday that Iran and Oman are finalizing a mechanism for financial exchanges between the two countries.
The Omani deputy minister, who is on a visit to Tehran at the head of a delegation, made the remarks in a meeting with the President of Iran Chamber of Commerce, Industries, Mines, and Agriculture (ICCIMA) Gholam Hossein Shafei.
Also speaking during the meeting, the ICCIMA president said that although the volume of trade between Iran and Oman grew almost 50% to nearly $1.5 billion this year, there are still far more untapped capacities for trade cooperation.
“We can do our exports to other countries, especially the African countries, through Oman which is to the benefit of both sides,” Shafei said.
He also noted that the two countries can also work on making joint investments and cooperation on health tourism.
Iran-Oman Joint Chamber of Commerce has made efforts in cooperation with Oman Chamber of Commerce and Industry (OCCI) to reopen credit banks for Iranian businesspeople who intend to make investments in Oman, Shafei said, adding that it can highly improve trade cooperation between the two neighboring countries.
He said that the central banks of Iran and Oman have had negotiations for issuing credit cards for Iranian economic activists. Shafei expressed hope that the Omani government and the country’s chamber of commerce would help finalize these talks.
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The Omani deputy minister of commerce, industry and investment said in the meantime that Iran and Oman are still facing challenges in trade exchanges.
Saleh bin Said Masan said that central banks of both countries have offered different solutions to these challenges.
Referring to an MoU signed between the two countries on trade cooperation and customs facilities, the Omani minister said that technical teams from both Iran and Oman are working to take the agreements into effect.
Noting that a large number of Omani people are visiting Iran each year for receiving medical treatment, he said that more coordination is needed in this regard.
Chairman of Oman Chamber of Commerce and Industry (OCCI) Ridha bin Juma Al Saleh, who was also a member of the Omani delegation, said that the private sector has to do its part to inspire investors to use Oman’s open doors policy.
Noting that the two countries have found solutions to much of the obstacles on the way of bilateral trade, he referred to opening accounts for Iranian businesspersons in Oman for instance.