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.