President: Iran-Oman Economic Relations Upgraded to Investment Level
TEHRAN (FNA)- Iranian President Seyed Ebrahim Rayeesi said that economic ties between Tehran and Muscat have grown from trade to the investment after the two Muslim states signed four cooperation agreements in various fields during an official visit by Sultan Haitham bin Tariq Al Said to Iran.
Iran and Oman on Sunday inked four documents to boost collaboration in the economic, energy and investment fields as well as free zones.
Addressing a meeting between senior delegations of Iran and Oman in Tehran on Sunday in the presence of Sultan Haitham, Rayeesi said Iran and Oman have a common stance on the improvement of security, stability peace and welfare of the nations in West Asia.
The Iranian president stated that the common approach of strengthening regional convergence pursued by the two countries will contribute to enhanced relations.
He stressed that Tehran and Muscat have progressed in improving ties from trade to the investment level.
President Rayeesi added that the two countries enjoy capacities to enhance cooperation in the fields of industry, trade, communications, defense and security affairs, road and rail routes, maritime transportation and transit, financial and monetary exchanges and energy.
He said Iran and Oman stressed the need to finalize the formation of a support fund for the development of joint investments.
Sultan Haitham, for his part, pointed to the considerable improvement of Tehran-Muscat ties and said both sides have managed to double mutual trade exchanges since the Iranian president's visit to Muscat last May.
He said the two countries should make more efforts to reach an appropriate level of cooperation given their capacities.
Heading a high-ranking official delegation, Oman’s Sultan arrived in Tehran on Sunday for a two-day visit at the invitation of Iran's president. The visit marks a significant milestone in relations between the two regional allies, opening new avenues for closer diplomatic collaboration.
Trade between Iran and Oman reached some $1.8 billion in the Iranian calendar year to late March, up 41% from the previous year, according to figures by the Iranian government.
President of Iran Chamber of Commerce Gholam Hossein Shafei stated that trade between Tehran and Muscat can easily reach $3 billion per year considering the rapid rise in exchanges between the two countries over the past few years.
During President Rayeesi's trip to Muscat in mid-May 2022, Iranian and Omani officials signed 12 documents and memorandums of understanding for the expansion of bilateral cooperation in various fields.
In early May 2023, Iran and Oman reached an initial understanding to sign a preferential trade agreement (PTA).
Since taking office, President Rayeesi has emphasized the need for boosting trade and economic relations with Arab countries in the Persian Gulf.