Muscat – His Majesty Sultan Haitham bin Tarik will head to Iran on May 28, beginning a new chapter in bilateral ties between the Sultanate of Oman and the Islamic Republic.

Over the past 50 years, the two countries have shared deep-rooted historical relations that have been further strengthened through joint cooperation.

During his visit, His Majesty the Sultan will meet President Dr Ebrahim Raisi to discuss various regional and international issues of mutual interest. These discussions aim to foster an exchange of views and enhance cooperation between the two nations at both political and economic levels.

His Majesty’s official visit reaffirms the advanced relations between Oman and Iran built on a foundation of mutual respect and good neighbourliness.

The two countries are actively seeking to maximise ties, particularly economic diversification and investment opportunities. Notably, trade exchange between Oman and Iran grew 27.9 per cent in the last two years, totalling RO320.8mn at the end of 2022.

Jamal Razaghi, head of Iranian-Omani Business Council, is hopeful of His Majesty the Sultan’s historic visit paving the way for increased economic, commercial, scientific and medical cooperation between the two nations. He said that Iran is keen to raise the volume of trade exchange with Oman to US$5bn. “This goal is within reach as the opportunities of trade exchange between Iran and Oman are huge. Iran does not look at the sultanate as only an economic market, but also as a strategic and vital partner.”

According to Raed bin Mohammed al Shehhi, a businessman from Musandam, the visit will boost potential for cooperation and project development.

The community and businessmen in Musandam eagerly anticipate commencement of ferry services between Port of Khasab and Iran’s Hormozgan governorate, Shehhi added.

“These services, once operational, will facilitate the movement of travellers and tourists, followed by activation of sea lines for the transportation of goods under the Ashgabat Agreement. Such developments are expected to significantly increase the volume of trade and investment exchange between the two countries.”

Recent data released by the National Centre for Statistics and Information shows Oman’s total exports to Iran in 2022 amounted to RO207.4mn. Key exports from Oman to Iran include machinery, heat treatment equipment, methacrylate products, diesel engine lubricants, optical tools, medical examination equipment, and electrical equipment.

Conversely, the total imports from Iran in 2022 amounted to RO113.4mn, comprising livestock, semi-finished iron and steel products, petroleum tar, fruits and shrimp.

The trade balance between Oman and Iran has favoured the sultanate in recent years, reaching RO53.3mn in 2021 and RO 94mn in 2022, as per available data.

The Ministry of Commerce, Industry and Investment Promotion reported that by the end of 2022, there were over 1,800 companies with Iranian investments in Oman, contributing a total of RO196.6mn. These statistics highlight Iran’s prominence as the third-ranked country in terms of commercial registrations in Oman, with 4,496 registrations at the end of 2022.