MUSCAT: At a workshop held here yesterday, December 26, 2024, top official from the Sultanate of Oman and the Kingdom of Saudi Arabia explored avenues for boosting trade and industrial ties between the two countries.
Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, opened the session, alongside Eng Khalil bin Ibrahim al Salama, Saudi Arabia’s Deputy Minister of Industry and Mineral Resources. Also in attendance were Dr Saleh bin Said Masan, Under-Secretary for Commerce and Industry, and Ambassador Ibrahim bin Saad bin Bishan, Saudi Ambassador to Oman, along with representatives from the Saudi Export Development Authority, the Zakat, Tax, and Customs Authority, and the Oman Chamber of Commerce and Industry (OCCI).
The workshop, titled "Enhancing Trade Exchange and Industrial Integration between the Sultanate of Oman and the Kingdom of Saudi Arabia," aimed to address key opportunities and challenges in boosting trade, industrial collaboration, and export facilitation. Discussions focused on improving supply chains, overcoming exporter challenges, and exploring the potential for greater industrial integration aligned with the economic visions of both nations—Oman Vision 2040 and Saudi Vision 2030.
In his keynote speech, Dr Saleh bin Said Masan said, "To ensure smooth trade and supply chain integration, we must simplify customs procedures, harmonise product standards, recognise certificates of origin, and improve transport infrastructure, including direct port routes and joint economic zones, reducing costs and enhancing efficiency."
Furthermore, Dr Masan underscored the significance of integrating supply chains to improve efficiency and reduce costs. By enhancing connectivity between ports and special economic zones in both countries, the two nations could better align their industries with market demands, while creating new job opportunities and supporting productive sectors. This, he noted, would be in line with both Oman’s Vision 2040 and Saudi Arabia’s Vision 2030.
Recent statistics from Oman’s National Centre for Statistics and Information show a remarkable increase in the volume of non-oil exports from Oman to Saudi Arabia. By the end of 2023, bilateral trade reached RO 2.891 billion (approx. $7.5 billion). Since 2020, Omani non-exports exports have more than doubled, reaching over RO 1 billion by the end of 2023. This growth has been driven by an uptick in exports of metal products, electrical machinery and equipment, and food products. Non-oil imports from Saudi Arabia have also risen, reaching RO 1.843 billion by the end of the same year.
In his speech Eng Al Bader Fouda, Under-Secretary of the Saudi Ministry of Industry and Mineral Resources for Industrial Development, stated: "We are here today to enhance integration and address challenges in bilateral trade. We aim to listen to your concerns and suggestions to increase trade between our two sides."
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