UK and Oman discuss economic growth and trade partnership
With over $30 billion in UK investments and significant growth in Omani exports, the UK-Oman talks highlighted opportunities for deeper economic cooperation and alignment with 'Oman Vision 2040'
Published: 03:10 PM,Oct 12,2024 | EDITED : 07:10 PM,Oct 12,2024
There’s a reason I chose to visit Muscat as part of my first overseas visit since being appointed as the United Kingdom’s Minister for Trade Policy in July 2024.
The UK and Oman share a deep friendship, as we saw when UK Prime Minister Keir Starmer welcomed His Majesty the Sultan to London in August. Trade and investment are vitally important components of that relationship and I was fascinated to get to see that for myself in person.
The UK accounts for more than half of Oman’s entire foreign direct investment. In the year to April this was worth some $ 30 billion, creating jobs and new opportunities to share expertise. I want to see this investment grow, diversify, and support your country’s priority 'Oman Vision 2040' sectors, from renewable energy to manufacturing to tourism.
In the last year, Oman has signed major green hydrogen deals with eight different business groups, half of which contain UK companies. These investments will support all kinds of regional opportunities, from Duqm to Salalah, deliver growth for businesses in both countries, and help both sides work towards a sustainable future.
Our two great countries are also aligned in our aims to ensure economic growth is spread across the country. That’s why it was great to be able to share our experiences of decentralisation and improving economic performance at a local level at the UK-Oman Strategic Advisory Group in July.
I was honoured to visit Oman and see for myself the opportunities to grow our trading relationship even further. I met with Omani investment funds who told me about their interests in the United Kingdom. I met with UK companies in Oman to hear about their successes here and how they hope to expand. And I met with Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, to discuss how both governments can help UK-Omani trade thrive.
One important way we can do that is through an ambitious Free Trade Agreement (FTA) between the UK and the Gulf Cooperation Council (GCC). This could increase trade between the UK and the GCC by 16 per cent - boosting investment, growth, and jobs in all seven countries.
From what I have seen during my time here, UK and Omani companies are ready to seize those opportunities. Omani exports to the UK grew by 44 per cent in the last financial year. UK investment into Oman increased by $ 5 billion since the signing of the UK and Oman Sovereign Investment Partnership in 2022. These improvements are just the beginning.
Thank you for welcoming me to your beautiful country. I look forward to returning and seeing our businesses go from strength to strength.
Douglas Alexander
The writer is UK’s Minister of State for Trade Policy and Economic Security
The UK and Oman share a deep friendship, as we saw when UK Prime Minister Keir Starmer welcomed His Majesty the Sultan to London in August. Trade and investment are vitally important components of that relationship and I was fascinated to get to see that for myself in person.
The UK accounts for more than half of Oman’s entire foreign direct investment. In the year to April this was worth some $ 30 billion, creating jobs and new opportunities to share expertise. I want to see this investment grow, diversify, and support your country’s priority 'Oman Vision 2040' sectors, from renewable energy to manufacturing to tourism.
In the last year, Oman has signed major green hydrogen deals with eight different business groups, half of which contain UK companies. These investments will support all kinds of regional opportunities, from Duqm to Salalah, deliver growth for businesses in both countries, and help both sides work towards a sustainable future.
Our two great countries are also aligned in our aims to ensure economic growth is spread across the country. That’s why it was great to be able to share our experiences of decentralisation and improving economic performance at a local level at the UK-Oman Strategic Advisory Group in July.
I was honoured to visit Oman and see for myself the opportunities to grow our trading relationship even further. I met with Omani investment funds who told me about their interests in the United Kingdom. I met with UK companies in Oman to hear about their successes here and how they hope to expand. And I met with Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, to discuss how both governments can help UK-Omani trade thrive.
One important way we can do that is through an ambitious Free Trade Agreement (FTA) between the UK and the Gulf Cooperation Council (GCC). This could increase trade between the UK and the GCC by 16 per cent - boosting investment, growth, and jobs in all seven countries.
From what I have seen during my time here, UK and Omani companies are ready to seize those opportunities. Omani exports to the UK grew by 44 per cent in the last financial year. UK investment into Oman increased by $ 5 billion since the signing of the UK and Oman Sovereign Investment Partnership in 2022. These improvements are just the beginning.
Thank you for welcoming me to your beautiful country. I look forward to returning and seeing our businesses go from strength to strength.
Douglas Alexander
The writer is UK’s Minister of State for Trade Policy and Economic Security