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The deal was signed on Tuesday on the sidelines of the 17th meeting session of Iran-Oman joint economic commission in the presence of Iranian Minister of Industry, Mine and Trade Mohammad Shariatmadari and Oman's Commerce and Industry Minister , Ali bin Masoud Al Sinaidy in Muscat.
Seyed Arash Shahr Aeini, Deputy Chief Executive of the Export Guarantee Fund of Iran said the initiatives introduced in the MoU are expected to increase the pace of Iran-Oman bilateral trade relations.
The MoU on cooperation 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 issues related to issuing export guarantees.
Member of the Managing Board of Export Guarantee Fund of Iran also said that another issue included in the memorandum is the issue of joint insurances and reliance insurances which can be used in joint investment projects between the two countries in order to provide adequate company support.
The joint economic commission of the two countries was held based on the will both in Tehran and Muscat to boost friendly relations and expansion of bilateral economic, trade, investment and technical cooperation.
According to the Iranian Embassy in Muscat, the two ministers also discussed cooperation between Iran and Oman in the areas of trade, economy, investments, industries, mines, geology, customs, oil, gas and petrochemical, transportation, agriculture, culture and science.
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