Oman-Algeria trade indicators highlight growth potential
Published: 03:10 PM,Oct 29,2024 | EDITED : 06:10 PM,Oct 29,2024
Dr Khalid bin Said al Amri, Chairman of the Oman Economic Association
MUSCAT, OCT 29
Following the visit of President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria to the Sultanate of Oman, both nations have reaffirmed their dedication to enhancing bilateral cooperation across a range of fields.
During the three-day state visit, the leaderships of Oman and Algeria are set to consult on deepening joint Arab initiatives, addressing regional and global developments, and identifying opportunities for mutual growth and prosperity. The discussions align with both countries’ aspirations for closer collaboration and development, and reflect a shared commitment to advancing the interests of their peoples and supporting broader Arab and Islamic solidarity.
Dr Khalid bin Said al Amri, Chairman of the Oman Economic Association, shared exclusive insights with the Observer regarding the longstanding and multifaceted relationship between Oman and Algeria. These ties, strengthened over the years, began with the establishment of a joint committee in the early 1990s.
In 2000, Oman and Algeria signed a mutual investment promotion and protection agreement, as well as an agreement to prevent double taxation. The Oman-Algeria Business Council was then established in 2006 to facilitate cooperation in trade and investment across multiple fields. Today, both nations aim to advance these bonds, fostering sustainable development in line with their shared objectives.
Dr Al Amri referenced data from the National Centre for Statistics and Information, noting that the value of trade between Oman and Algeria reached approximately RO 41.4 million by the end of 2023, a remarkable increase from around RO 9 million in 2014—an impressive growth rate of over 355 per cent. This substantial rise, according to Dr Al Amri, reflects the positive impact of joint initiatives to strengthen trade ties.
Algerian exports to Oman, while more modest, reached around RO 135,000 in 2023, up from RO 11,000 in 2014, with a significant peak in 2022, when Algerian exports to Oman topped RO 12 million.
According to Dr Al Amri, mineral products dominated Omani exports to Algeria, constituting 52 per cent of the total as of August 2024. Following these were base metals and articles (24 per cent), plastics and rubber products 19 per cent, and electrical machinery and equipment 3 per cent. Algerian exports to Oman were primarily composed of food and beverage products, including beverages, vinegars, and tobacco alternatives, which made up 54 per cent of the total, followed by mineral products 32 per cent, transport equipment 10 per cent, and chemical products 4 per cent each.
He also discussed the importance of exploring investment opportunities, formalizing additional trade agreements, and increasing exchanges and dialogue between the two countries. Leveraging the Oman-Algeria Business Council, he noted, will be key in advancing bilateral relations. Emphasizing sectors of shared interest—such as renewable energy, manufacturing, education and training, and technology—will allow both countries to meet their economic objectives and foster mutual prosperity.
Following the visit of President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria to the Sultanate of Oman, both nations have reaffirmed their dedication to enhancing bilateral cooperation across a range of fields.
During the three-day state visit, the leaderships of Oman and Algeria are set to consult on deepening joint Arab initiatives, addressing regional and global developments, and identifying opportunities for mutual growth and prosperity. The discussions align with both countries’ aspirations for closer collaboration and development, and reflect a shared commitment to advancing the interests of their peoples and supporting broader Arab and Islamic solidarity.
Dr Khalid bin Said al Amri, Chairman of the Oman Economic Association, shared exclusive insights with the Observer regarding the longstanding and multifaceted relationship between Oman and Algeria. These ties, strengthened over the years, began with the establishment of a joint committee in the early 1990s.
In 2000, Oman and Algeria signed a mutual investment promotion and protection agreement, as well as an agreement to prevent double taxation. The Oman-Algeria Business Council was then established in 2006 to facilitate cooperation in trade and investment across multiple fields. Today, both nations aim to advance these bonds, fostering sustainable development in line with their shared objectives.
Dr Al Amri referenced data from the National Centre for Statistics and Information, noting that the value of trade between Oman and Algeria reached approximately RO 41.4 million by the end of 2023, a remarkable increase from around RO 9 million in 2014—an impressive growth rate of over 355 per cent. This substantial rise, according to Dr Al Amri, reflects the positive impact of joint initiatives to strengthen trade ties.
Algerian exports to Oman, while more modest, reached around RO 135,000 in 2023, up from RO 11,000 in 2014, with a significant peak in 2022, when Algerian exports to Oman topped RO 12 million.
According to Dr Al Amri, mineral products dominated Omani exports to Algeria, constituting 52 per cent of the total as of August 2024. Following these were base metals and articles (24 per cent), plastics and rubber products 19 per cent, and electrical machinery and equipment 3 per cent. Algerian exports to Oman were primarily composed of food and beverage products, including beverages, vinegars, and tobacco alternatives, which made up 54 per cent of the total, followed by mineral products 32 per cent, transport equipment 10 per cent, and chemical products 4 per cent each.
He also discussed the importance of exploring investment opportunities, formalizing additional trade agreements, and increasing exchanges and dialogue between the two countries. Leveraging the Oman-Algeria Business Council, he noted, will be key in advancing bilateral relations. Emphasizing sectors of shared interest—such as renewable energy, manufacturing, education and training, and technology—will allow both countries to meet their economic objectives and foster mutual prosperity.