Muscat- The Sultanate of Oman and the Kingdom of Saudi Arabia through their strong ties have increased trade exchange between the two countries by 123 percent to RO 2.7 billion at the end of 2022 from the previous year.
It is expected that the joint executive committee between the two countries to supervise the development project in the region will hold its first meeting in Muscat at the end of May.
Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources said that this remarkable growth in trade exchange confirms that there is a common conviction on integration between the two countries, indicating that there are great opportunities in the Sultanate of Oman and the Kingdom of Saudi Arabia in the fields of logistics and mining, which can provide raw materials as an input. Basic materials for products manufactured in the two brotherly countries.
The two countries seek to develop the industrial sector by adopting the technologies of the Fourth Industrial Revolution to provide products of high value and quality, thanks to their essential strategic location at the level of global supply chains and are qualified to embrace industries and industrial projects to serve the local, regional and global markets.
The minister said that the upcoming integrated economic zones such as in the Al Dhahirah Governorate will help save costs, accelerate trade exchanges, and stimulate investors in both countries.
He praised the strong relationship between the Sultanate of Oman and the Kingdom of Saudi Arabia in various fields, describing it as “a wonderful relationship that we are proud of and consider a model for joint action.”
Al Khorayef affirmed the keenness to enhance cooperation in all fields, in particular with the Sultanate of Oman, especially economic cooperation.
It may be noted that an executive committee was formed from the Sultanate of Oman and the Kingdom of Saudi Arabia to supervise the project to develop the integrated economic zone in Al Dhahirah Governorate, headed by the Ministry of Investment and the Special Economic Cities and Zones Authority, and members of the Saudi Fund for Development.
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