The decision was made by the Joint Session of Iranian and Omani Merchants and Businesspeople in Tehran.
Iranian co-chairman of the Iran-Oman Chamber of Commerce, Industries, Mines and Agriculture Mohsen Zarrabi said that the company will make investments in major economic projects in the two countries.
Sponsored by the Iran-Oman Chamber of Commerce, Industries, Mines and Agriculture, the joint session was held in presence of over 100 Iranian and Omani merchants, industrialists and tradesmen.
The two sides exchanged ideas on ways to expand trade, industrial and commercial relations face to face and with no middlemen.
The two countries' current trade volume is $877 million and owing to the lower oil reserves in Oman, Muscat is seeking alternatives to rid the Persian Gulf littoral state of its single-good economy status and get a greater share of the international trade.
The Omani officials have already in their talks with the Iranian political and economic officials announced their enthusiasm in buying Iranian gas and proposed piping through the seabed for its transfer.
Iran's major exports to Oman include industrial and agricultural products, while major imports from Oman include iron-ore and some other mineral products.
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.
Zarrabi said that save for the oil and gas sector that is exclusively state run in Oman representatives of all sectors of that country's economy were members of the delegation.
He said that one obstacle in the way of Iran-Oman trade development was the lack of a direct and regular shipping line between the two countries that was removed since as of May 5, 2015, once every 15 days a ship will connect the two Persian Gulf littoral countries.
An Omani member of the Iran-Oman Chamber of Commerce, Industries, Mines and Agriculture, Muhammad Hassan Al Insi, and head of Oman's Orix Company, too, welcomed the expansion of bilateral economic relations.
'Keeping in mind the political relations of the two countries which have always been at highest possible level, the Iranian and Omani officials are trying to raise the level of economic ties to match the excellent political ties,' he said.
Al Insi proposed provision of facilities by the two governments for the merchants and businessmen to materialize the objective.
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Tehran, April 25, IRNA – Iran and Oman on Saturday agreed to establish joint investment company.
