Khaled Mohamed Radi, Ambassador of the Arab Republic of Egypt to the Sultanate of Oman, was in high hopes that the historic visit of His Majesty Sultan Haitham bin Tarik to Egypt would further deepen the existing strong relations that are deep-rooted in history, and move to broader horizons and further avenues of development between the two brotherly countries in various fields.
“The two sides will discuss ways to strengthen and develop relations, whether at the political, economic, commercial, cultural or social levels, in addition to Egyptian-Omani coordination on various regional and international issues, as the region needs more coordination and cooperation to secure peace in the region, so that its people can enjoy more security and stability,” the ambassador said.
He pointed out that the visit of Abdel Fattah el Sisi, President of the Arab Republic of Egypt, to the Sultanate of Oman earlier was a turning point in the path of relations between the two countries and witnessed the signing of a large number of agreements, which included many areas, including those related to maritime, navigation, investment, trade and industry, besides MoUs in combating monopoly and providing means for free competition, and industrial development and investment promotion. “The signing of these agreements established the solid base that enabled the Omani and Egyptian sides to build a large edifice of cooperation last year,” he said.
The volume of intra-trade between the Sultanate of Oman and the Arab Republic of Egypt increased by nearly 52 per cent compared to the year 2021, as the volume of trade exchange reached nearly one billion and nine million Egyptian pounds, and Egyptian exports to the Sultanate of Oman amounted to about $433 million. The major imports of Egypt from the Sultanate of Oman are metal ores, fish, aluminium and its manufactures and organic chemical products, while the Sultanate of Oman imports some agricultural products, furniture, electrical appliances, dairy products among others from Egypt.
“What makes Oman a suitable country for investments is that the country is witnessing stability and a positive climate that encourages investment, the legislation and systems which provide to the foreign investor through the single port encourages the investor to come to the Sultanate of Oman, where we find the Sultanate of Oman’s credit rating in progress and rising, which is a clear indication of efforts and hard work under Royal directives and Oman is an oasis of security and stability and a destination for foreign investors, including investors from Egypt,” Radi said.
The number of Egyptian companies operating in the Sultanate of Oman are on a continuous rise, and they reached nearly 1,900 firms across the country, all of which reflect the depth and strong ties of cooperation between the two brotherly countries.
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Omani-Egyptian Business Council scaling high
MUSCAT: "It is a golden day to be etched in the history of bilateral relations of the two friendly countries as the Omani-Egyptian Business Council is marching ahead with efforts to explore more ways of cooperation," said Ahmed Reda, Vice-President of the Omani-Egyptian Business Council (OEBC).
According to Reda, the wise politicians of the two countries will be able to draw conclusions and suggest solutions in light of the challenges that face the world politically and economically and meet the aspirations of the peoples of the Arab region especially to face the challenges arising from it as a result of the Covid-19 pandemic and passing through the war of Russia and Ukraine as well as the military unrest in the brotherly Republic of Sudan.
"The bilateral meetings will be related to the economic aspect, with the participation of the Omani-Egyptian Business Council, which plays an effective role in raising the rates of investment and trade exchange in various investment sectors, and coordination between businessmen, the two governments and diplomatic missions of both countries. A joint investment fund worth $100 million, with the participation of the two governments and businessmen from the two countries, has been already formed," he said.
"When we talk about the package of investment facilities and incentives granted by the two countries to attract investment, it makes the investment environment attractive to a large extent. We also refer to the statistics issued by the National Centre for Statistics and Information, which indicated that the volume of trade exchange between the Sultanate of Oman and the Arab Republic of Egypt witnessed an increase in the year 2022," he said.
"The value of Omani exports to Egypt increased from RO 157,515,000 in 2021 to RO 298,77,000 in 2022, while the value of Omani imports to Egypt amounted to RO 95,551,000 in 2022," he said.
"The available statistics show that the balance of trade between the two brotherly countries in 2022 was in favour of the Sultanate of Oman," he added.
According to Reda, the Omani-Egyptian meetings are a guarantee of security and stability in the region that is witnessing many transformations. The growth of trade exchange and joint investments reflects the depth and distinction of relations, and contributes to the maximum benefits from the distinguished geographic location of the Sultanate of Oman on the Indian Ocean, and the promising investment potentials and opportunities in several sectors that achieve diversity in resources and income, as well as benefiting from the distinguished logistic location of Egypt in Africa.
The understanding between the Muscat Stock Exchange and the Cairo and Alexandria Stock Exchanges confirms the close ties between the two countries, and the meetings between officials from the Sultanate and Egypt envisage these distinguished relations towards more investments and trade exchange to maximise intra-trade in order to benefit from the Egyptian market, which is considered one of the important stations through which re-exports can be made to neighbouring countries, in addition to its consumer capacity, population density and purchasing capabilities.
"Above all, life in Oman is beautiful, simple and comfortable in terms of sophistication, simplicity and hospitality, and one will not feel that he or she is in a foreign country and that is the beauty of the people of Oman. Therefore, the visit of His Majesty Sultan Haitham bin Tarik to the Arab Republic of Egypt comes to support and consolidate the well-established relations between the two countries, which were not affected by the changes and tensions that occur in international and regional relations," Reda said.
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