Economy, Domestic Economy
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Tehran-Muscat Trade Tops $1b

The third edition of Iran Solo Exhibition was inaugurated in Muscat on Monday by Oman’s Minister of Commerce and Industry Ali bin Masoud Al Sunaidy (R) and Iran’s Minister of Industries, Mining and  Trade Mohammad Reza Nematzadeh (C).The third edition of Iran Solo Exhibition was inaugurated in Muscat on Monday by Oman’s Minister of Commerce and Industry Ali bin Masoud Al Sunaidy (R) and Iran’s Minister of Industries, Mining and  Trade Mohammad Reza Nematzadeh (C).

Trade between Oman and Iran exceeded $1 billion by the end of October last year, according to Ali bin Masoud Al Sunaidy, Sultanate’s minister of commerce and industry.

Speaking on the sidelines of the trade event named Iran Solo Exhibition, which showcased only Iranian products at the Oman Convention & Exhibition Center in Muscat, Sunaidy said bilateral trade was expected to grow further this year, Times of Oman reported. 

“Bilateral trade between Oman and Iran exceeded $1 billion by the end of October last year. In 2015, it was nearly $560 million,” he said.

“We have seen the Iranian expo progressively bolstering trading relationship between the two countries. A further growth in bilateral trade between the Sultanate and Iran is expected this year.”

Sunaidy also said the shipping line between the Port of Sohar and Bandar Abbas is now operational.

The third edition of the exhibition was inaugurated on Monday by Sunaidy and Iran’s Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh.

“This expo, which is better than the last two editions, is an indicator of the growing trading relationship between the two countries,” Nematzadeh said.

Participating traders said they were looking forward to improved trade relations with Oman.

Reza Hamdani, whose stall showcased edible products, said he was looking forward to better trade relations with Oman.

“Oman and Iran have good relations and we want our countries to exchange goods and have better trade ties. We have had some good deals in the past and I would like to see similar things in the future, too. It’s nice to be here in Oman, and although it’s just day one, we have had a good response from many Omanis who are fairly fond of our sweets,” he said.

Another participant who dealt in carpets said there was demand for Persian rugs in Oman. 

“Quite a few people came and asked me about the rugs. They liked the traditional patterns, too. We will hopefully have more trade between Oman and Iran in the future.”

The exhibition, which will run through January 27, features nearly 100 companies, covering diverse products ranging from handmade and machine-made products, home appliances, interior decoration and food products to medicinal, steel and metal, petrochemical products, power and industry-related equipment, construction materials and industrial machinery. 

To add further value to the event, the organizers have set up a facility for business-to-business meetings on January 24 to ensure that participating companies can ensure maximum networking and derive promotional benefits.

Nader Abbas, general manager at the Oman expo and organizer of the event, said, “Such an event helps promote the high-quality products of Iran, paves the way for their expansion and increases their trade presence in identified markets in Oman. In turn, it will open up opportunities for SMEs, manufacturers and distributors who are all seeking to increase their business prospects and expand their businesses.”

Abbas said it is also an avenue to support government initiatives to boost trade and commerce, and strengthen economic relations between Oman and Iran.

The event is being supported by the Iranian Embassy and Trade Promotion Organization of Iran.

 

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