Addressing the Forum on Introducing Trade Capacities, Incentives and Foreign Investment Laws in Oman, Mr Zarrabi said that the forum was held to make acquainted Iranian businessmen with trade opportunities in Oman and urged Iranian business activities to take advantage of the opportunity.
IRAN NEWS ECONOMIC DESK
He pointed to the good political relations of Iran and Oman, claiming the relations have become much better and it is expected to influence the economic relations, and bilateral economic ties have grown upwardly.
Zarrabi admitted that unfortunately both sides have failed to take the most out of their good political relations in employing their economic capacities.
He added that the volume of Iran’s exports to Oman was around $146m last year and because of the efforts of the joint chamber of Oman and Iran, the figure has exceeded $728m.
Zarrabi also pointed to the effort for devising a roadmap for expanding trade between both countries six years ago, adding that the joint chamber has identified all hurdles in way of economic relations of both states and it has presented solutions for them.
He went on to say that fortunately the visa process has been facilitated for Iranian businessmen and there are direct shipping line and flight between both states.
He noted that when President Rouhani took office, Iran’s imports from Oman were around $75m and it soared to $433m in 2018 and the total trade volume between Iran and Oman was $1.16b in 2018.
Zarrabi reiterated that Oman can be a good and suitable hub for re-export especially during the sanctions era in Iran. He noted that Oman due to its membership in the WTO and free trade agreements with some countries can be a good hub for Iran’s goods to be exported to different markets in the world.
He went on to say that the best way to enter this market is to attend at 8 specialized exhibitions which are to be held in Oman.
Zarrabi noted that Iranians can invest in free zones of Oman and they can have one hundred percent of the shares and this incentive will come into effect in 2020.
Meanwhile secretary of the joint Iran-Oman chamber Ms. Arezoo Jamali highlighted the framework of taxation, customs, registration of companies in free zones, industrial parks and other ways for investments in Oman.
She noted that Iran’s share of exports to Oman is only 3.6% and it can increase to 10%.
Downstream oil industries, bitumen, iron, steel, construction material, food stuff, fruits and agro products are of the major exports of Iran to Oman, and in return, spare parts, precious stones and pharmaceuticals are major exports of Oman to Iran.
