RIYADH: Trade relations between Oman and the UK are set to strengthen following a top-level ministerial meeting.
The Minister of Commerce, Industry, and Investment Promotion of Oman Qais bin Mohammed Al-Yousef held discussions with Nigel Huddleston, the UK’s business minister, to explore avenues of joint collaboration between the nations, as reported by the Oman News Agency.
During the meeting, the two countries reviewed indicators of intra-regional trade growth and explored strategies to further enhance it. Central to their discussions was the goal of increasing trade exchange and investments between Oman and the UK.
The ministers also tackled ways to further boost trade exchange and investments as well as the current position related to the negotiations of the free trade agreement between the countries of the Gulf Cooperation Council and the UK.
In addition to this, Undersecretary of Oman’s Ministry of Energy and Minerals, Mohsin bin Hamad Al-Hadhrami, met with Huddleston to discuss bilateral relations between the two countries in the fields of trade, renewable energy, and green hydrogen.
The discussions took place in the “Invest in Oman” hall, a dedicated space that was launched earlier this year to serve as a unified gateway, offering integrated services to investors and presenting investment opportunities exceeding 1 million Omani rial ($2.6 million).
“We already have powerful trade ties with the GCC, and I am pleased to be able to take this chance to further improve our relationship,” Huddleston said in a statement released by the UK Foreign Office.
“We want a modern, comprehensive, and ambitious free trade deal that will promote innovation, encourage investment, and help develop the industries of the future.
“There’s a great prize on offer here – the potential for what we can achieve together in the years and decades to come is huge.”
The GCC is one of the UK’s most important trading partners, with trade growing to £65.2 billion in 2022 between them – an increase of over 75 percent. Previous Government analysis shows that, in the long run, a deal with the GCC is expected to increase trade by 16 percent, the Foreign Office said.
A deal could increase UK businesses’ access to booming markets in the Gulf and will also make it easier for people across the GCC to access UK expertise in areas including life sciences, artificial intelligence and renewables.
During the visit, Huddleston will also tour the Port of Salalah, the biggest port in Oman, ranked the second most efficient container port in the world in 2021.
Oliver Christian, the government’s new Trade Commissioner for the Middle East, will join Huddleston for discussions.
GCC Secretary-General Jassim Al-Budaiwi also met with Huddleston in the city of Salalah during his visit.
The meeting reviewed the latest developments in the free trade agreement negotiations between the GCC and the UK, expressing their full belief in the importance that will contribute significantly to economic growth and enhance trade in goods and services, new fields and advanced technologies in a way that serves the common interests of both sides, the GCC said in a statement.
Huddleston was scheduled to attend the 65th Trade Cooperation Committee meeting of the GCC countries in Salalah on Thursday to discuss the negotiations for the free trade agreement between the Gulf nations and the UK.
Oman to develop $1.26bn worth of projects
Meanwhile, the Oman Tender Board is on course to see a surge in new development projects spanning various sectors, with a total value exceeding 488 million Omani rials ($1.26 billion).
This decision was reached during the board’s fifth meeting of the year, presided over by Minister of Economy Said Mohammed Al-Saqri.
During the meeting, the council approved several projects, including the design and construction of the Oman Cultural Complex building, comprising three main structures and eight facilities buildings, valued at over 147 million rials.
The Ministry of Health’s procurement of medicines, vaccines, and serums accounted for more than 130 million rials in approved expenditure.
Additionally, the council sanctioned the design and implementation of the remaining segments of the Batinah Coastal Road in both the south and north regions, with a budget exceeding 78 million rials.
Other approved projects encompassed the construction of the Al Ansab-Al Jifnain road dualization, valued at 53 million rials, and the equipping of the new Ministry of Health building, amounting to 7 million rials.
The council also greenlit various other projects, including the construction of tunnels, drainage networks, and air traffic management systems, among others.
