Minister of Trade and Industry Ahmed Samir during the Egyptian-Omani Business Forum 22 May. Photo courtesy of the ministry
The minister's statement was made at the inauguration of the Egyptian-Omani Business Forum, held in Cairo on the sidelines of Sultan Haitham bin Tariq of Oman’s two-day visit to Cairo; his first official visit since he took office in 2020.
Omani companies operating in the industrial, tourism, construction, and agricultural sectors have invested $80.5 million in 110 projects in Egypt, according to the Ministry of Trade and Industry.
Egyptian companies involved in infrastructure, road projects, and real estate investment have invested $860 million in 142 projects in Oman.
“Egypt looks forward to increasing trade and joint investments between Cairo and Muscat... through activating bilateral and multilateral agreements,” a ministerial statement quoted Samir as saying.
Samir pointed out that the future work mechanisms between the two countries include stimulating investment to achieve more benefits for the two nations in light of the Egyptian government's keenness to expand the participation of the local and foreign private sectors in the national economy system, according to the statement.
The minister reviewed the facilities Egypt provided to improve its business climate, such as the golden licence, which is issued by the cabinet for projects operating in activities of importance to the Egyptian state.
Omani Minister of Commerce Qais bin Mohamed Al-Youssef said his country wants to support the bonds of common economic cooperation with Egypt and to benefit from its economic potentials.
Cooperation between Oman and Egypt includes working on stimulating investments and bilateral trade and maximizing the benefits of the Common Market for Eastern and Southern Africa (COMESA) agreement, he added.
President of Oman Investment Authority (OIA) Abdulsalam Al-Murshidi said that Oman is planning to establish a strategic partnership with Egypt.
Al-Youssef said that Oman is studying the achievement of joint industrial integration and establishing an exhibition for Omani products in Egypt, as well as working on establishing a branch of the Egyptian Centre for Economic Studies and Research (ECESR) in Oman.
On Sunday, Oman's Ambassador to Cairo Abdullah bin Nasser Al-Rahbi said that six cooperation MoUs will be signed between Oman and Egypt.
Al-Rahbi explained that the MoUs will be signed in the fields of education, judiciary, archives, heritage, transportation, aviation, and taxation.
The two countries are set to sign on Monday an agreement on the prevention of double taxation and evasion, and an MoU on cooperation in areas related to financial policies and developments.
In 2022, Egypt and Oman signed nine MoUs for cooperation in various fields during President Abdel-Fattah El-Sisi’s visit to Muscat, which was his first visit to the Arab Gulf nation since Sultan Haitham ascended to the throne in 2020.