Post by : Maya Rahman

The Omani-Saudi Coordination Council's Coordination Committee for Trade, Industry, and Economy convened recently in Riyadh, Saudi Arabia, to discuss the advancement of their joint economic initiatives. The committee revealed that six projects have been finalized, with an additional 11 currently in development, highlighting the deepening economic collaboration between the two nations.

Dr. Saleh Said Masan, Undersecretary at the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, led the Omani delegation, while the Saudi side was represented by Eng. Rakan Wadah Tarabzoni, Deputy Minister of Economy and Planning for International Economic Affairs. The meeting focused on ongoing developments, achievements, and future strategies related to trade and industrial progress.

A notable highlight from the discussions was the successful completion of the second phase of the industrial integration project. This development allows Omani goods to access the Saudi market under the Omani certificate of origin, facilitating smoother trade, reducing costs, and benefiting Omani producers.

Additionally, the committee finalized the future factories initiative, signing 12 agreements to interconnect supply chains between the two countries. This initiative aims to boost manufacturing prospects and enhance the value added to industrial output in both Oman and Saudi Arabia. Strengthening supply chains will further improve the competitiveness and efficiency of industries on both sides.

The trade relationship between Oman and Saudi Arabia has seen considerable growth, with projections indicating a trade volume exceeding $8 billion by the end of 2024. This growth signifies enhanced business relationships and rising market confidence in bilateral exchanges.

Moreover, the two countries signed a memorandum of understanding to foster fair competition and eliminate monopolistic practices. Collaborative technical workshops are underway to harmonize legislation and share expertise, supporting the broader objectives of Oman Vision 2040 and Saudi Vision 2030 aimed at cultivating robust, diversified economies.

Eng. Jassim Saif Al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, presented an update detailing the year's progress. He emphasized that the launch of the industrial integration initiatives' second phase last July was a pivotal moment, aimed at enhancing industrial collaboration and improving local content procurement.

He elaborated on how these initiatives bolster industrial partnerships and enhance supply chain integration between Oman and Saudi Arabia. Ongoing efforts are focused on finalizing official protocols for verifying proof of origin, which will simplify trade for manufacturers and reduce administrative challenges.

With six initiatives accomplished and 11 actively pursued, the two nations are poised to deepen their economic ties. The collective goal is to establish robust industrial ecosystems, attract investors, and develop a more competitive production landscape. The committee reiterated that sustained collaboration will support their long-term objectives in trade, industry, and economic integration.

#Business News