Muscat: The Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef met with the British Minister of International Trade, Nigel Huddleston on Wednesday at the Invest in Oman Hall in Muscat.
During the meeting, they discussed areas of mutual cooperation between the two nations in addition to Free Trade Agreement between the Gulf Cooperation Council countries and the United Kingdom.
Speaking to the Observer, Faisal al Nabhani, Director of International Cooperation and Trade Relations at the Ministry of Commerce, Industry and Investment Promotion, said, "The United Kingdom is an essential partner to Oman, which has always played a historical role in Oman’s development and will continue to do so.”
According to Al Nabhani, the meeting is expected to further strengthen the bilateral ties between the two nations. Additionally, he stated that the meeting discussed various topics such as potential cooperation within the fields of green energy, trade, investment promotion and mutual investments.
The meeting also acknowledged the United Kingdom as the largest foreign direct investor in Oman.
The United Kingdom is the largest source of Foreign Direct Investment (FDI) in Oman, accounting for approximately 51.1 per cent of total FDI received by the country. In Q1 of 2023 alone, the figure increased by more than 44 per cent in comparison to the same period in 2022.
The British Minister is expected to participate in the 65th Trade Cooperation Committee Meeting of the Gulf Cooperation Council countries on Thursday in Salalah to discuss negotiations on the Free Trade Agreement between member states and the United Kingdom.
The agreement is expected to boost bilateral trade by 16 per cent.
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