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Iran offers huge investment potential as sanctions lifted

Business Monday 18/January/2016 19:23 PM
By: Times News Service
Iran offers huge investment potential as sanctions lifted

Muscat: A vast array of opportunities for trade and investment, especially in the car industry, will be presented at Iran’s second solo exhibition, which will be held in Muscat from January 26 to 30.
This year’s exhibition will be held in a totally different environment considering the lifting of the economic sanctions on Iran, Ali Akbar Sibeveih, the Iranian ambassador to the Sultanate, told Times of Oman in an exclusive interview.
One of the matters of concern in Iran’s first solo exhibition in Muscat last year was the restrictions on financial transactions with Iran which has been resolved now, the official said after the announcement of the ‘implementation day’ of the nuclear agreement reached between Iran and global powers.
According to the ambassador, around 70 Iranian companies active in various fields have registered to participate in the exhibition, which will be held at the Oman International Exhibition Centre.
The exhibition will be inaugurated by Ali bin Masoud Al Sunaidy, Oman’s Minister of Commerce and Industry, and, from the Iranian side, by the deputy minister of industry, mining and trade, the ambassador and a number of other Iranian officials.
Auto industry
Sibeveih said that a large section of the exhibition will be dedicated to the auto industry, featuring Iranian manufacturers of vehicle, tyre and spare parts.
In addition to Iran Khodro, a leading car manufacturer in Iran and the Middle East, a number of other Iranian car manufactures will put their products on display at the exhibition, he added.
The ambassador said that a more diverse range of products will be showcased this year with the participation of companies involved in various fields such as steel and cement production, foodstuff,sanitary ware, household products and medicine.
Trade priority
Sibeveih highlighted the numerous opportunities for economic cooperation between Iran and Oman after the lifting of the sanctions and said that Oman is Iran’s priority in trade as it stood by Iran during the time of hardship as a ‘loyal’ and ‘brotherly’ country.
Even if any Western firm is interested in entering Iran’s market, the embassy would try to help it invest in and trade with Iran via Oman in a demonstration of Iran’s ‘loyalty’ to the Sultanate, he stated.
The official invited Omani companies, ministries and the public to visit the exhibition and witness the technological and industrial advances made by Iran under the sanctions.
Outcomes
Sibeveih explained that Iran’s first solo exhibition in Muscat received positive feedback from the visitors and led to the development of plans for cooperation in many sectors such as technology, foodstuff and carpet industries.
He added that last year, around 90 companies took part in the exhibit and the biggest outcome of the event was the cooperation agreement between Iran Khodro and the Oman Investment Fund for setting up units for the assembly of certain Iranian-manufactured cars and production of spare parts in Duqm.
A number of regional and East African countries have also expressed interest in importing Iranian products through Oman, the ambassador said.