EXIM-Oman partnership: Strengthening economic ties
Published: 04:10 PM,Oct 26,2024 | EDITED : 08:10 PM,Oct 26,2024
Judith DelZoppo Pryor, EXIM’s First Vice President and Vice Chair of the Board, underscored the MoU's potential to deepen economic ties and enhance trade.
MUSCAT: The 2023 Memorandum of Understanding (MoU) between Oman’s Ministry of Finance and the Export-Import Bank of the United States (EXIM) marks a significant milestone in the enduring US-Oman relationship, now over two centuries old. This $500 million MoU opens a new pathway for economic collaboration, spanning vital sectors such as telecommunications, biotechnology, agriculture, and manufacturing.
Judith DelZoppo Pryor, EXIM’s First Vice President and Vice Chair of the Board, underscored the MoU's potential to deepen economic ties and enhance trade. Pryor highlighted EXIM’s commitment to supporting Omani businesses, particularly small and medium enterprises (SMEs), by expanding their access to the US market. This support aligns with the broader goals of the 2009 free trade agreement between the United States and Oman, which has already helped strengthen investment and commercial partnerships.
The MoU is designed to empower Omani private sector firms, providing financial resources to support expansion, job creation, and economic growth. It provides targeted financing tools to help companies expand in areas crucial to Oman’s Vision 2040 goals, such as renewable energy, biotechnology, agriculture, and water and wastewater management. This agreement not only opens doors for new projects in Oman’s industrial sector but also aims to bolster the capabilities of Omani companies within the global economy.
Pryor’s visit to Oman included meetings with officials from economic, commercial, and banking sectors to discuss the MoU’s implementation and explore further areas of collaboration. She emphasized that EXIM’s support would help Omani firms establish or expand manufacturing facilities, potentially paving the way for joint ventures and collaborations with US companies.
A key part of the MoU's mission is to facilitate technology and knowledge transfer, allowing Omani firms to benefit from advanced manufacturing and technological practices in the US. This partnership not only strengthens bilateral relations but also aligns with Oman’s drive toward economic diversification and resilience. By creating opportunities for innovation and growth, this agreement lays the groundwork for a more dynamic and interconnected future for both nations. — ONA
Judith DelZoppo Pryor, EXIM’s First Vice President and Vice Chair of the Board, underscored the MoU's potential to deepen economic ties and enhance trade. Pryor highlighted EXIM’s commitment to supporting Omani businesses, particularly small and medium enterprises (SMEs), by expanding their access to the US market. This support aligns with the broader goals of the 2009 free trade agreement between the United States and Oman, which has already helped strengthen investment and commercial partnerships.
The MoU is designed to empower Omani private sector firms, providing financial resources to support expansion, job creation, and economic growth. It provides targeted financing tools to help companies expand in areas crucial to Oman’s Vision 2040 goals, such as renewable energy, biotechnology, agriculture, and water and wastewater management. This agreement not only opens doors for new projects in Oman’s industrial sector but also aims to bolster the capabilities of Omani companies within the global economy.
Pryor’s visit to Oman included meetings with officials from economic, commercial, and banking sectors to discuss the MoU’s implementation and explore further areas of collaboration. She emphasized that EXIM’s support would help Omani firms establish or expand manufacturing facilities, potentially paving the way for joint ventures and collaborations with US companies.
A key part of the MoU's mission is to facilitate technology and knowledge transfer, allowing Omani firms to benefit from advanced manufacturing and technological practices in the US. This partnership not only strengthens bilateral relations but also aligns with Oman’s drive toward economic diversification and resilience. By creating opportunities for innovation and growth, this agreement lays the groundwork for a more dynamic and interconnected future for both nations. — ONA