MUSCAT: On December 19, 2024, Muscat hosted the 12th session of the Omani-Turkish Joint Committee, focusing on enhancing economic and investment cooperation between the two nations. The Omani delegation was led by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, while the Turkish side was headed by Mehmet Şimşek, Minister of Treasury and Finance.
Al Yousef lauded the enduring and distinguished relations between Oman and Türkiye, recently exemplified by His Majesty Sultan Haitham bin Tarik's visit to Türkiye. He emphasised that this session aims to further economic and trade relations, aligning with high-level directives to boost trade exchanges and promote joint economic ventures. A significant initiative in this regard is the joint investment fund launched during His Majesty's visit to Türkiye.
The Minister highlighted Oman's commitment to fostering collaboration between educational institutions to advance research and innovation in technology, healthcare and food security. He noted a substantial increase in Turkish investments in Oman, with a 328.5 per cent rise in 2023, and a 68 per cent increase in the number of Turkish companies operating in the Sultanate of Oman.
Şimşek underscored the importance of expediting negotiations on the free trade agreement between the Gulf Cooperation Council (GCC) countries and Türkiye. He identified Oman's strategic advantages as conducive to attracting Turkish investments in sectors such as defence industries, artificial intelligence and mining.
The committee identified promising sectors for joint cooperation, including renewable energy, logistics, tourism, manufacturing and agriculture. Discussions also focused on accelerating free trade agreement negotiations between the GCC and Türkiye. Both sides emphasised the need to intensify trade and investment forums to promote private sector industrial products, showcase investment environments and explore available opportunities through chambers of commerce and economic associations, in collaboration with relevant ministries.
Oman is dedicated to strengthening bilateral relations and exploring new partnership avenues to achieve mutual interests and support sustainable development for both Omani and Turkish peoples.
As of July 2024, Omani exports to Türkiye amounted to RO 51.7 million, while imports from Türkiye totalled RO 131.2 million. By August 2024, 849 companies with Turkish participation were registered in Oman, with contributions totalling approximately RO 104.2 million, representing 79.24 per cent of the total capital invested in these companies.
The trade volume between the two countries reached about RO 315 million by the end of 2023, compared to RO 337 million in 2022. Notably, by the end of 2023, 12 agreements and memoranda of understanding were signed to frame economic, commercial and technical cooperation between Oman and Türkiye. These include agreements on mutual investment encouragement and protection, avoidance of double taxation, and memoranda of understanding in areas such as tourism, agriculture, air transport and the environment.
The meeting was attended by Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Pankaj Khimji, Adviser for Foreign Trade and International Cooperation, Ayşe Sözen Usluer, Ambassador of the Republic of Türkiye to Oman, and several officials from both sides. — ONA
Oman Observer is now on the WhatsApp channel. Click here
