Oman, US sign MoU to boost economic cooperation

The first strategic dialogue between Oman and the US was held under the chairmanship of Shaikh Khalifa bin Ali al Harthy, Under-Secretary of the Ministry of Foreign Affairs for Diplomatic Affairs, and Jose W Fernandez, Under-Secretary of the US State Department for Economic Growth, Energy and Environment, in Muscat on Thursday. Oman's Ministry of Finance signed a memorandum of understanding (MoU) with the Export-Import Bank of the United States (EXIM) on the sidelines of Oman-US Strategic Dialogue. Al Harthy said, 'The strategic dialogue between Oman and the United States is divided into three groups: renewable energy, education and culture, and trade and investment. We hope that the dialogue will activate the economic, cultural and artistic relations between the two countries. 'The challenge we face today with regard to trade between the two countries is to find a way to enhance and increase it. There are opportunities to invest in clean energy, mining, logistics and others and our task is to find ways to enhance opportunities between the two countries,' said Fernandez. Issues related to maximising the benefit from the free trade agreement between the two countries, increasing US investments in Oman’s priority sectors and cooperation in the digital economy were discussed. The dialogue also dealt with cooperation in the field of alternative energy and attracting US investments especially in the green hydrogen sector. The dialogue includes the signing of a memorandum of understanding between Oman and the US to promote trade and investment in Oman. The MoU was signed by Abdullah bin Salem al Harthy, Under-Secretary of the Ministry of Finance, and Rita Jo Lewis, President of Export-Import Bank of the United States. MoF’s Al Harthy said the MoU would enhance trade and investment cooperation between Oman and the US. The volume of trade exchange between Oman and the US reached $4.22 billion in 2022, according to the National Centre for Statistics and Information, which is the highest in history, according to the US Embassy in Muscat. It said the record highlights the importance of the Oman-US free trade agreement. The memorandum also aims to provide financial facilities for establishing projects in the industrial sector in various fields, including wireless communication equipment, 5G network, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining and manufacturing. In addition, the memorandum included a preliminary plan for joint action between Oman and the US Export-Import Bank of US to explore options such as loans, guarantees and insurance to finance US exports.

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