(MENAFN- Kuwait News Agency (KUNA)) The meeting of the Iran-Oman Chamber of Commerce, Industries, Mines and Agriculture on Saturday led to an agreement to establish a joint investment company.
The company will make investments in major economic projects in the two countries, IRNA news agency quoted Iranian co-chairman of the Chamber Mohsen Zarrabi as saying.
The meeting gathered over 100 Iranian and Omani merchants, industrialists and business leaders, according to the report.
The two sides exchanged ideas on ways to expand trade, industrial and commercial relations face to face and with no middlemen.
Zarrabi said that the Omani side was very eager for expansion of trade ties with Iran.
"The Omani delegation was comprised of top managers of 57 major companies of that country and it was the largest economic delegation that has ever visited Iran," he added.
He added that one obstacle in the way of Iran-Oman trade development was the lack of a direct and regular shipping line; that obstacle will be removed as of May 5, 2015, when commercial ships will set sail between the two countries on a semi-monthly basis.
Mohammad Hassan Al-Insi, an Omani member of the Chamber and head of Orix Co., welcomed the expansion of bilateral economic relations.
"Oman and Iran are trying to raise the level of their economic and commercial ties to match the excellent political ties," Al-Insi said.
The bilateral trade volume stands at USD 877 million. Iran's major exports to Oman include industrial and agricultural products, while major imports from Oman include iron-ore and some other mineral products.
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