Iran and Oman signed a memorandum of understanding on export guarantees in the context of further economic development cooperation between the two countries.
The deal was signed on the sidelines of the 17th Iran-Oman joint economic commission meeting which was attended by Iran’s Minister of Industry, Mine and Trade Mohammad Shariatmadari and Oman’s Commerce and Industry Minister Ali bin Masoud Al Sinaidy in Muscat, IRNA reported.
Arash Shahr Aeini, deputy chief executive of Export Guarantee Fund of Iran, said the initiatives in the MoU are expected to increase the pace of Iran-Oman trade relations.
The MoU between Export Guarantee Fund of Iran and its Omani peer, Credit Oman, can replace the banking system between the two nations by facilitating trade and investment relations and addressing the issuance of export guarantees.
Member of the Board of Directors at the Export Guarantee Fund of Iran also said that another issue included in the memorandum pertains to joint insurances and reliance insurances which can be used in joint investment projects to provide adequate company support.
The joint economic commission meeting was held based on the will both in Tehran and Muscat to boost friendly relations and expand economic, trade, investment and technical cooperation.
According to Iran’s Embassy in Muscat, the two ministers also discussed cooperation between Iran and Oman in the areas of trade, economy, investment, industries, mines, geology, customs, oil, gas and petrochemical, transportation, agriculture, culture and science.