Economy, Business And Markets

Iran-Oman Economic Panel to Convene

The Omani side will be headed by Commerce and Industry Minister  Ali al-Sunaidy.The Omani side will be headed by Commerce and Industry Minister  Ali al-Sunaidy.

The Iran-Oman Economic Committee will hold its 16th session in Tehran on Monday.

The Omani side will be chaired by Minister of Commerce and Industry Ali al-Sunaidy.

The meeting will discuss a range of topics, including increasing bilateral trade and overcoming obstacles impeding trade, industrial and investment opportunities in the two countries, the Omani newspaper Muscat Daily reported on its website.

In a statement, Sunaidy said both sides will sign three memoranda of understanding in trade, industrial and insurance sectors.

“The MoU in the insurance sector is very important at this stage, as it will facilitate insurance on goods and facilitate the movement of vehicles between the two countries via ferry, as insurance companies in both countries will cover those vehicles,” he said.

Oman’s National Ferries Company started operating its second regional service to Iran on Saturday. The service runs from Khasab Port in the governorate of Musandam to Bahonar Port in Iran’s Bandar Abbas. The trip by the ferry “Hormuz” takes two hours.

NFC will operate four weekly journeys on the new route. The new service was launched after another route was inaugurated from Oman to Iran’s Qeshm Island in July, Times of Oman reported.

  Iran’s Rising Exports to Oman

According to the Islamic Republic of Iran Customs Administration, Iran exported $375.2 million worth of goods to Oman in the last Iranian year (March 2015-16), registering a 24% rise compared to the previous year. Imports stood at $73.3 million, showing a 53% drop.

Latest data on bilateral trade pertain to the first four months of the current Iranian year (March 20-July 21, 2016), during which period Iran exported 473,400 tons of non-oil goods, valued at $272.87 million to Oman (160% surge in value year-on-year) and imported 3,500 tons of commodities worth $20.4 million (12% decline).

Steel products, livestock, bitumen, petrochemicals, copper cathode, cement, stones, saffron and carpet were among the main exports. Imports mainly included vehicles, pharmaceuticals, machinery, industrial parts, auto parts and fertilizer.

Iran’s commercial attaché to Oman, Abbas Abdolkhani, said annual exports to Oman are predicted to double by the end of the current Iranian year.

“Iran has huge export potential in food and construction materials, which could help the country increase its share in Omani market,” he was quoted as saying by the news service of Trade Promotion Organization of Iran.

  Tehran Hosts OPEX

Omani Products Exhibition, otherwise known as OPEX, will open at Tehran International Exhibition Center on Monday, It will be attended by Oman’s Commerce and Industry Minister Ali al-Sunaidy.

The exhibition has been organized with the aim of showcasing Omani manufacturing companies and their high quality products and services to the business community in Iran and the surrounding markets.

Omani companies representing various industries will participate in this exhibition, including natural resources, minerals, wood products, manufacturing products, furniture, food, medical and pharmaceuticals, fertilizers, plastic and metal equipment, perfume, leather and logistics.

A number of small- and medium-sized enterprises will also take part in the event.

The event will run till September 30.

Investors from Iran and abroad have been invited to attend B2B meetings on the sidelines of the exhibition.