Muscat – The Sultanate of Oman and Islamic Republic of Iran have reported notable progress in trade and economic relations following the 21st Oman-Iran Joint Committee meeting held in Muscat on Thursday.

Led by H E Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, and Mohammad Atabek, Iran’s Minister of Industry, Mining and Trade, discussions focused on strengthening cooperation in key sectors and exploring new avenues for collaboration.

The meeting highlighted various developments to enhance trade and investment ties between the two countries. A draft agreement on mutual protection of investments and a memorandum of understanding on small industries and industrial cities in Iran were among the key points discussed.

The two nations explored partnerships in special economic zones and critical sectors such as air transport, energy, minerals, water management and agriculture. Discussions extended to areas including banking, communications, environmental and health initiatives, data centres, submarine cables, and information security.

According to H E Yousef, the committee provides a “valuable platform for businesspeople from both countries to identify opportunities and strengthen economic cooperation”.

The two sides underscored the importance of boosting cultural and academic ties. They agreed to promote student exchanges and collaborations between higher education institutions, aiming to foster innovation, create jobs and support sustainable development in both nations.

Trade between Oman and Iran has seen steady increase over the years. According to the National Centre for Statistics and Information, trade between the two countries reached RO335mn in 2023, reflecting a 4.7% rise from RO320mn in 2022. In 2024 by October, the trade volume surged to RO419mn, marking significant growth.

The number of Iranian-owned businesses in Oman has also witnessed a sharp rise. By the end of 2024, there were 6,511 companies with Iranian participation, compared to 3,757 in 2023 – a 73.3% increase. The number of Iranian shareholders grew from 7,077 in 2023 to 11,726 in 2024, a growth rate of 65.7%.

The committee’s discussions covered strengthening ties in culture, sports and youth initiatives. Collaborative efforts in these areas aim to deepen people-to-people connections and drive economic and social benefits for both nations.

Iranian minister Atabek expressed optimism about the outcomes of the meeting, stating that it would pave the way for broader cooperation across strategic sectors.

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