Oman & Saudi Arabia seek to boost trade and industrial integration

Muscat: A workshop titled "Enhancing Trade Exchange and Industrial Integration between Oman and Saudi Arabia" convened in Muscat, bringing together high-level officials and representatives from both nations. The primary objective was to explore opportunities for increased trade, deeper industrial integration, streamlined exports and supply chains, and solutions to challenges faced by exporters in both countries.

The workshop was a collaborative effort between several key organizations, including the Ministry of Commerce, Industry, and Investment Promotion of Oman, the Ministry of Industry and Mineral Resources of Saudi Arabia, the Saudi Zakat, Tax and Customs Authority, the Directorate General of Customs of the Royal Oman Police, and the Oman Chamber of Commerce and Industry. This diverse participation ensured a comprehensive discussion involving both public and private sector stakeholders.

Discussions centered on several critical areas, including addressing challenges faced by manufacturers, simplifying product entry procedures, and maximizing trade exchange. A strong emphasis was placed on strengthening supply chain cooperation, particularly enhancing connectivity between ports and special economic zones. Participants also explored potential investment partnerships in emerging sectors such as artificial intelligence, advanced technologies, and renewable energy, aligning with the strategic goals of Oman Vision 2040 and Saudi Vision 2030.

The existing trade volume between the two nations, which reached OMR 2.891 billion by the end of 2023, served as a foundation for discussions on further growth. Officials expressed a shared aspiration to significantly increase this value, reflecting their mutual ambitions for enhanced partnerships. A key theme throughout the workshop was the crucial role of the private sector in driving industrial integration initiatives. The event concluded with a commitment to develop clear recommendations aimed at achieving the desired goals of increased trade and closer economic cooperation.