Iran’s private sector has proposed the establishment of a joint investment fund with Oman to support industrial projects in both countries.
Samad Hassanzadeh, President of Iran Chamber of Commerce, Industries, Mines and Agriculture, made the proposal in talks with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, as part of an Iranian trade delegation’s visit to the Omani capital on Thursday.
Hassanzadeh welcomed the growing trade ties between the two countries, noting that bilateral trade had surpassed $2 billion. “We believe there is potential to further expand trade volume beyond this level,” he said.
He emphasized the importance of streamlining banking relations to facilitate private sector transactions, suggesting the creation of licensed exchange houses endorsed by the central banks of both nations, as well as the implementation of barter mechanisms.
Hassanzadeh also highlighted opportunities for Iranian and Omani companies to collaborate in supplying key industrial goods for Iran and re-exporting Iranian products to African and Far Eastern markets via Oman.
He proposed joint investments in two major infrastructure initiatives: the International North-South Transport Corridor through Iran to connect Central Asia, Eastern, and Northern Europe, and the development of the Makran coastal region, including Jask and Chabahar ports, as regional transportation hubs linked to Eurasian and Caucasus markets.
Hassanzadeh added that Iran’s private sector is interested in partnering with Omani investors in sectors such as petrochemicals, hotel and tourism development, power generation, transportation and logistics, aquaculture, and agriculture.
Oman’s Minister Al Yousef, for his part, stressed the need for the Iranian and Omani chambers of commerce to pursue implementation of the preferential trade agreement between the two countries.
He also invited Iran’s top universities and hospitals to establish branches in Oman, allowing for closer cooperation in education and healthcare, and enabling skilled Iranian physicians to offer services to Omani patients.