Oman-based Ithraa, a leading inward investment export development agency, and Iran’s Trade Promotion Organization recently signed a memorandum of understanding (MoU) to further broaden mutual co-operation in trade and investment.

The MoU was signed by Dr Ali bin Masoud Al Sunaidy, Oman’s Minister of Commerce and Industry; and Eng Mohammad Reza Nematzadeh, Iran’s Minister of Industry, Mine and Trade, at the recent sixth meeting of the Oman – Iran Economic Joint Committee held in Tehran, said a statement from Ithraa.

Iran’s middle to upper classes could potentially be a key market for Omani non-oil exporters, it added.

Research conducted by emerging markets research specialists, On Device Research suggests 73 per cent of Iranian consumers are interested in buying foreign products, as soon as they become available. What interests Iranian consumers the most is the opportunity to have access to better quality products.

According to Emad Al Shukaily, director general, Oman’s Economic Co-operation Office with Iran in Bandar Abbas, said: “While the oil and gas sector gets much of the media attention, Iran’s diversified economy is attracting companies across industries.

“It is the world’s largest exporter of cement, as well as pistachios, saffron and caviar. Shipping is another big earner. In particular, Iran’s nearly 80 million young, educated and urbanized population offer Omani non-oil exporters some very exciting opportunities,” he said.

In an effort to boost maritime trade links between the sultanate and Iran, senior management at Ithraa’s Bandar Abbas office assisted Oman’s National Ferries Company (NFC) open a sales and service representative office in the southern Iran city, said a statement.

NFC’s new sailing route, launched on September 25 is expected to be highly popular with businesses in both countries, it said.

Business commentators expect Iran to upgrade its rail network, ports and increase investment in infrastructure. Its automotive, telecoms, pharmaceutical and aerospace industries will also be looking to expand, while on the services side there is potential for Omani business in retail, professional services and tourism.

“Iran is home to an almost unlimited range of opportunities for Omani businesses,” Al Shukaily concluded. – TradeArabia News Service