Muscat: The 21st session of the joint committee between the Sultanate of Oman and the Islamic Republic of Iran convened today in Muscat.
The meeting focused on strategies to strengthen collaboration in economic, investment, and cultural sectors. Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, led the Omani delegation, while the Iranian side was represented by Syed Mohammad Atabek, Minister of Industry, Mining and Trade.
Both parties evaluated the trade and investment dynamics between Oman and Iran, exploring avenues to enhance these relations in areas of shared interest. Discussions included improving cooperation in trade, industry, investment, banking, environmental initiatives, health, telecommunications, data centers, maritime cables, and postal services, among others.
Minister Qais Mohammed Al Yousef emphasized the robust trade and investment ties between the two nations, noting that trade exchange rose to RO 335 million, an increase from RO 320 million in 2022, marking a 4.7% growth. By October 2024, trade exchange is projected to reach RO 419 million.
He also reported a significant rise in the number of companies with Iranian shareholders, which reached 6,511 by the end of 2024, up from 3,757 in 2023, reflecting a growth of 73.3%. The count of Iranian shareholders increased to 11,726 by the end of 2024, compared to 7,077 in 2023, representing a 65.7% increase.
Additionally, the Iranian delegation explored the Invest Oman lounge, learning about the services and incentives available to investors, while also being informed about key investment opportunities in Oman. This visit is part of ongoing efforts to bolster economic and investment cooperation between Oman and Iran for mutual benefit.
