Economic integration

Al-Ajlan: Great opportunities for economic integration between Saudi Arabia and Oman

RIYAD – Speaker of the Council of Saudi Chambers Ajlan Bin Abdulaziz Al-Ajlan praised the constant development of Saudi-Omani relations in all fields, stressing that the visit of Sultan of Oman Haitham Bin Tarik to the Kingdom expresses the strength of political will. to strengthen relations between the two countries.

Al-Ajlan expressed optimism from the Saudi business sector about this historic visit and what is expected to result in bilateral cooperation agreements in various fields, marking the launch of a new phase of relations between the two countries. , in a way that strengthens their regional and international, and advances the course of trade and investment relations.

He pointed out that the Kingdom and Oman have the necessary ingredients and capacities that qualify them to establish true economic integration relations, based on the Kingdom’s Vision 2030 and Oman’s Vision 2040, as they include enormous opportunities. and projects that can be used to make Oman the kingdom of the Kingdom. the region’s largest trading partner, which will have a positive impact on the economic situation of the two countries, the sectors of activity of both parties, joint investments and employment opportunities.

In this context, he called for more efforts to be made to overcome obstacles and challenges in trade and investment, thereby helping to increase the volume of trade, which remains below ambitious levels and below. the size of the opportunities available, as it did not exceed SR 10 billion in 2020.

He also stressed the economic importance of the land route and the border crossing between the Kingdom and Oman, which will open up broad prospects for economic cooperation, and revitalize trade between the two countries.

Al-Ajlan said the Federation of Saudi Chambers will strongly support efforts to develop Saudi-Omani economic relations in coordination with public and private agencies in both countries.

They will do this by encouraging exports, exchanging goods and services, establishing joint investment and trade projects, intensifying trade meetings and delegations, organizing forums and exhibitions, and providing information on investment opportunities available to both parties, and helping to overcome challenges, improve the investment climate, and present to business owners the means and channels of financing and supporting joint projects.

He reviewed the most important areas of cooperation between the two countries such as industrial sector, especially petrochemical industry, specialty manufacturing chemicals, animal feed and food industries, tourism, entertainment and hotels, real estate and logistics, fishing and fishing. the mining sector and maritime transport.

In order to develop trade and investment relations, Al-Ajlan suggested focusing on exploiting comparative advantages, including the free movement of goods and people, within the framework of the Gulf Cooperation Council agreements. (CCG) and priority sectors.

He also called for taking advantage of the Kingdom’s industrial capacities and Oman’s strategic location to access international markets, highlighting the important role played by the Saudi-Omani Business Council, established in 2005, in developing trade relations and strengthening partnerships between business owners in the two countries.

Al Ajlan said the relevant authorities in Oman are seeking to attract Saudi investment in various sectors and promise to provide excellent investment facilities and incentives, especially in the Duqm economic zone, which is characterized by its location. strategic on the Arabian Sea close to international shipping lines, including many incentives for investors, including tax and customs exemptions.

He added, “From our side, we encourage Omani businessmen to invest in the Kingdom and take advantage of the favorable investment climate and promising investment opportunities, and to form partnerships with their Saudi counterparts.

Al-Ajlan called on the Saudi and Omani business sectors to invest in the momentum of the Sultan of Oman’s visit to the Kingdom and the support and strong political will to develop promising business and investment partnerships between the two. parties, hoping that this visit would help strengthen the ties of the strategic partnership between the two countries. – SPA


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