(MENAFN- Muscat Daily) Muscat- The Ministry of Commerce and Industry on Wednesday organised the Oman-United Arab Emirates (UAE) Economic Forum. The forum aimed to develop available investment and business opportunities between businessmen and businesswomen from both sides.
The Omani side was chaired by H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry, whilst the UAE side was led by Eng Sultan bin Said al Mansoori, Minister of Economy of the UAE.
H E Dr Sunaidy said that the sultanate adopted during the successive five-year plans an open economy to the outside world. He added the government has utilised oil and gas revenues to support education and health sectors, as well as infrastructure expansion while the current
five-year plan focuses on the economic diversification programme through paying greater importance to industry, tourism, mining, fisheries wealth and logistics sectors.
H E Dr Sunaidy said that the UAE is a major strategic partner for the sultanate as the two countries enjoy historic relations that are witnessing continuous development in various fields, particularly in the commercial and industrial fields.
He pointed out that the number of Omani-UAE joint companies is constantly increasing. Till January 2019, the number of such companies stood at about 2,800 and they are operating in manufacturing, energy, water, financial activities, construction, real estate and trade. Eng Mansoori said that organising the economic forum represents a practical translation of the keenness of the wise leaderships of His Majesty Sultan Qaboos bin Said and Sheikh Khalifa bin Zayed al Nahyan, President of the UAE, to enhance ties of cooperation in a manner that supports prosperity in the two countries.
He pointed out that the volume of non-oil trade between the two countries in 2017 was recorded at AED36bn, a growth rate of 12.4 per cent over the year 2016.
He added that the exchange during the first nine months of 2018 amounted to AED32.5bn. He expected such exchange would continue growth to reach about AED45bn. The average growth of non-oil trade exchange between the two countries stood at around ten per cent over the past five years.
Qais bin Mohammed al Yousef, chairman of Oman Chamber of Commerce and Industry, pointed out that the value of Omani imports from the UAE during 2017 amounted to more than RO4,250mn. The value of Omani exports to the UAE exceeded RO2,270mn. The UAE's investments registered in the sultanate was more than RO393mn till 2016.
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