Iran and the Sulta-nate are in talks to set up an auto manufacturing plant in Duqm, according to a top official.
Iran’s Charge d’Affairs in Oman Mohammad Totonchi said Teheran will build the manufacturing plant in Duqm economic zone.
Both countries will take steps to boost trade relations and Teheran will hold a large exhibition in Muscat from January 23-27, the official added.
Trade between Iran and Oman saw a 35 per cent increase in volume in 2016 and the trade exchange value between the countries has reached $1.35 billion last year.
More than 90 Iranian companies active in various fields, including food and auto industries, will present their products in Iran’s exhibition in the Sultanate.
Iranian Minister of Industries, Mines and Trade, Mohammad-Reza Nematzadeh, is expected to attend Iran exhibition.
Meanwhile, Chairman of the Iran-Oman Joint Chamber of Commerce, Mohsen Zarrabi, sees an increase in Iran’s export to the Sultanate with the value of exports touching $600 million by the end of March this year.
Launch of direct shipping line between Iran and Oman has facilitated increase of Iran’s exports to Oman, the official added. He said the countries are also expected to invest in Chabahar Free Trade Zone on joint venture. The Sultanate banks will provide 50 per cent of finance needed for the projects, Zarrabi added.