Iran, Oman sign MoUs, stress use of national currencies

Iran’s Minister of Industry, Mines and Trade Abbas Aliabadi, and Oman’s Minister of Commerce, Industry and Investment Promotion Qais Mohammed Al Yousef signed a MoU to support joint investment by the two sides.

The MoU was signed on Wednesday in the Iranian capital Tehran as the two countries held the 20th meeting of their Joint Economic and Trade Cooperation Commission.

Iran’s Ministry of Industry and Oman’s Chamber of Commerce signed a memorandum of understanding to boost cooperation in technology as well.

The Iranian industry minister also announced his country’s readiness to jointly implement key industrial projects with Oman, help in the construction of power plants as well and cooperate in maritime transport projects among others.

The Omani minister on his part emphasized the importance of boosting economic and trade relations between Tehran and Muscat.

He meanwhile stressed the importance of using Iranian and Omani national currencies in mutual trade instead of the dollar as he met with the Head of the Central Bank of Iran Mohammad-Reza Farzin.

The Omani official said that his country wants to have a strong presence in establishing the required infrastructure for banking and monetary transactions in Iran, implementing joint projects, as well as making investments in industrial and mineral projects. Omani investors are also keen to participate in energy projects and to develop Iran’s gas fields, he added.

The top Iranian banker also said that his country welcomes any measure that helps boost monetary and banking cooperation between the two countries.

He stressed the importance of using national currencies by the two countries in their mutual trade instead of the dollar as well.