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Cabinet officials

Strengthening Economic Ties: Oman and the UK Seek Enhanced Trade and Investment Cooperation

Strategic Insights

— 1 min read

His Excellency Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, recently held a video conference with Sir Chris Bryant, Minister of Trade Policy of the United Kingdom to discuss prospects for enhancing trade and investment cooperation between the two countries. The meeting aimed to advance negotiations on a free trade agreement between the Gulf Cooperation Council (GCC) countries and the United Kingdom, with a focus on expanding economic partnerships and developing trade exchange.

Key Takeaways:

  • The Sultanate of Oman and the United Kingdom are working to enhance trade and investment cooperation, with a focus on advancing negotiations on a free trade agreement between the GCC countries and the UK.
  • The agreement will contribute to expanding economic partnerships and developing trade exchange between the two sides, opening broader horizons for the exchange of goods, services, and investments.
  • The Sultanate of Oman looks forward to establishing a long-term economic partnership with the United Kingdom based on shared interests and complementary investment opportunities.
  • The importance of strengthening communication between private sector institutions in the two countries was emphasized.
  • The two sides discussed encouraging the holding of joint trade and investment forums and exhibitions, and exploring new opportunities for partnership in the industrial, technical, and logistics fields.
  • The Sultanate of Oman's Minister of Commerce, Industry and Investment Promotion, H E Qais bin Mohammed al Yousef, affirmed the Sultanate's keenness to develop economic relations with the United Kingdom in various fields.
  • The Oman-UK Strategic Advisory Group was also discussed, with a focus on enhancing economic and trade cooperation and expanding areas of partnership between the two friendly countries.

Statistics:

  • The volume of trade exchange between the Sultanate of Oman and the United Kingdom reached approximately OMR 221.7 million by the end of 2024.
  • The volume of British direct investments in the Sultanate of Oman amounted to more than OMR 158 million, distributed among 632 British-owned companies.
  • British investments in Oman increased by 52 percent compared to 2023.
  • British investors are among the largest investors in the Sultanate of Oman, reflecting their growing interest in the promising Omani market.

Sources:

  • [Source: Oman News Agency (ON) - 2024]

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