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Iran, Oman to establish joint fund to streamline trade

Business Materials 21 October 2018 12:34 (UTC +04:00)

Tehran, Iran, Oct. 21

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Head of the Iran-Oman Joint Chamber of Commerce Mohsen Zarrabi said Tehran and Muscat plan to launch a joint fund to facilitate their trade ties in the era of US sanctions.

“In recent meetings held between Iran and Oman, the two countries’ officials have exchanged views and agreed to establish of a joint fund,” Zarrabi told ILNA on October 21.

Two Iranian banks of Melli and Saderat have branches in Oman, but are not that active due to the US sanctions and have problems offering services to Iranian businesspeople, he said.

Noting that the existing ties between the two countries are at a very good level, the official said a joint fund would be created to further streamline the trade.

Omani firms have voiced readiness to invest in Iran’s technology field and infrastructure projects, Zarrabi said.

As per the Islamic Republic of Iran Customs Administration’s data, Iran exported 1.74 million tons of commodities worth $520.71 million to Oman in the last Iranian year (March 2017-18), posting a 24.46 percent growth and a 4.28 percent decline in tonnage and value respectively year-on-year.

The exports mainly included direct reduced iron, semi-finished metal, steel products, low-density oils and related products.

Oman exported 256,936 tons of goods worth $215.92 million to Iran during the period, up 186 percent and 107.06 percent in tonnage and value respectively YOY. Iran mainly imported benzene, pharmaceutical supplements and vehicles from Oman last year.

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