Oman showcases economic potential at Saint Petersburg International Economic Forum 2024
Published: 04:06 PM,Jun 08,2024 | EDITED : 08:06 PM,Jun 08,2024
The Omani-Russian Forum, organised on the sidelines of the event, aimed to promote investment and commercial environments in Oman.
MUSCAT: The Sultanate of Oman, led by the Ministry of Trade, Industry and Investment Promotion and the Oman Chamber of Commerce and Industry, took centre stage as a guest of honour at the 27th Saint Petersburg International Economic Forum. This participation underscores Oman's commitment to showcasing its competitive economic landscape and investment opportunities, aligning with Oman Vision 2040. The delegation, spearheaded by Qais bin Mohammed al Yousef, Minister of Trade, Industry and Investment Promotion, included key figures such as Azzan bin Qasim al Busaidi, Under-Secretary of the Ministry of Heritage and Tourism, and Engineer Khamis bin Muhammad al Shamakhi, Under-Secretary for Transport of the Ministry of Transport, Communications and Information Technology.
Their presence highlighted Oman's strategic intent to attract foreign capital into economically viable projects, fostering sustainable economic growth. Other notable delegates included Jamal bin Hassan al Moussawi, Secretary General of the National Museum, and Shaikh Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry and Hamoud bin Salim al Tuwaih, the Ambassador of the Sultanate of Oman accredited to the Russian Federation. The delegation was bolstered by representatives from both government and private sectors, covering tourism, mining, security, food, and logistics.
Oman's participation included a national pavilion at the accompanying exhibition, featuring over 130 countries. This pavilion served as a platform to promote Oman’s business environment and integrated investment opportunities in priority sectors, aiming to open new markets for Omani exports and strengthen global economic and trade relations.
Minister Qais bin Muhammad al Yousef emphasised Oman's dedication to exploring all avenues of economic cooperation and investment. He highlighted the importance of this international presence in achieving strategic economic aspirations and showcasing Oman’s unique competitive advantages. The forum presented an opportunity to introduce the 'Invest in Oman' platform, which offers extensive benefits to global investors.
Ambassador Hamoud bin Salem al Tuwaih remarked on the significance of the Saint Petersburg International Economic Forum as a premier platform for international economic and trade dialogue. Oman’s participation aimed to strengthen economic ties and promote the Sultanate of Oman as a preferred investment destination.
Shaikh Faisal bin Abdullah al Rawas highlighted the forum as a crucial opportunity for the Omani private sector to expand into new markets, promote the “Made in Oman” campaign, and build partnerships with international counterparts. He noted that the Chamber’s participation aimed to support the private sector and attract investments, contributing positively to economic diversification in line with Oman Vision 2040. Al Rawas also pointed out potential areas of cooperation with Russia, including food security, technology, and petrochemicals, while exploring the Russian market’s tourism potential.
The Omani-Russian Forum, organised on the sidelines of the event, aimed to promote investment and commercial environments in Oman. The forum featured bilateral meetings between Omani companies and their Russian counterparts, fostering prospects for commercial partnerships. Key speakers included the Russian Minister of Economic Development and the Chairman of the Russian-Omani Business Council, alongside Omani representatives such as Minister Qais bin Muhammad al Yousef and Shaikh Faisal bin Abdullah al Rawas.
Several agreements and memorandums of understanding were signed during the forum. One Omani company formalised a partnership to enhance legal cooperation and support Omani and Russian companies, aiming to improve the quality of legal services. Additionally, an Omani information security firm signed an agreement with a Russian company to enhance cybersecurity capabilities and local expertise.
The forum also provided a platform for enriching dialogue sessions focused on priority sectors of the national economy. Discussions included the significance of the financial sector in supporting strategic partnerships, logistical enhancements, and the development of sustainable cities. These sessions featured participation from key Omani representatives, offering insights into the nation’s economic strategies and private sector roles.
In conjunction with the forum, an Omani cultural evening was held in partnership with the National Museum and the Russian State Hermitage Museum. This event, attended by officials from Saint Petersburg and various ambassadors, aimed to enhance cultural relations between Oman and Russia. The 'Oman Hall' initiative, inaugurated in 2020, showcased Oman's rich history and cultural heritage, featuring royal possessions from the Sultans of Oman and Zanzibar. The exhibition titled “The Omani Empire: Between Asia and Africa” highlighted Oman's historical significance and its connections with Russia.
The volume of trade exchange between the Sultanate of Oman and the Russian Federation until the end of February 2024 amounted to RO 30,912,620, and Omani exports in 2023 amounted to about RO 3,350,047, compared to RO 582,602 in 2022, recording an increase rate of 475.0%. The total amounted to imports to the Russian Federation RO 188,413,298.
Overall, the Sultanate of Oman's participation in the Saint Petersburg International Economic Forum showcased its dynamic economic potential, strategic investment climate, and rich cultural heritage, fostering stronger international ties and paving the way for future collaborations.
Their presence highlighted Oman's strategic intent to attract foreign capital into economically viable projects, fostering sustainable economic growth. Other notable delegates included Jamal bin Hassan al Moussawi, Secretary General of the National Museum, and Shaikh Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry and Hamoud bin Salim al Tuwaih, the Ambassador of the Sultanate of Oman accredited to the Russian Federation. The delegation was bolstered by representatives from both government and private sectors, covering tourism, mining, security, food, and logistics.
Oman's participation included a national pavilion at the accompanying exhibition, featuring over 130 countries. This pavilion served as a platform to promote Oman’s business environment and integrated investment opportunities in priority sectors, aiming to open new markets for Omani exports and strengthen global economic and trade relations.
Minister Qais bin Muhammad al Yousef emphasised Oman's dedication to exploring all avenues of economic cooperation and investment. He highlighted the importance of this international presence in achieving strategic economic aspirations and showcasing Oman’s unique competitive advantages. The forum presented an opportunity to introduce the 'Invest in Oman' platform, which offers extensive benefits to global investors.
Ambassador Hamoud bin Salem al Tuwaih remarked on the significance of the Saint Petersburg International Economic Forum as a premier platform for international economic and trade dialogue. Oman’s participation aimed to strengthen economic ties and promote the Sultanate of Oman as a preferred investment destination.
Shaikh Faisal bin Abdullah al Rawas highlighted the forum as a crucial opportunity for the Omani private sector to expand into new markets, promote the “Made in Oman” campaign, and build partnerships with international counterparts. He noted that the Chamber’s participation aimed to support the private sector and attract investments, contributing positively to economic diversification in line with Oman Vision 2040. Al Rawas also pointed out potential areas of cooperation with Russia, including food security, technology, and petrochemicals, while exploring the Russian market’s tourism potential.
The Omani-Russian Forum, organised on the sidelines of the event, aimed to promote investment and commercial environments in Oman. The forum featured bilateral meetings between Omani companies and their Russian counterparts, fostering prospects for commercial partnerships. Key speakers included the Russian Minister of Economic Development and the Chairman of the Russian-Omani Business Council, alongside Omani representatives such as Minister Qais bin Muhammad al Yousef and Shaikh Faisal bin Abdullah al Rawas.
Several agreements and memorandums of understanding were signed during the forum. One Omani company formalised a partnership to enhance legal cooperation and support Omani and Russian companies, aiming to improve the quality of legal services. Additionally, an Omani information security firm signed an agreement with a Russian company to enhance cybersecurity capabilities and local expertise.
The forum also provided a platform for enriching dialogue sessions focused on priority sectors of the national economy. Discussions included the significance of the financial sector in supporting strategic partnerships, logistical enhancements, and the development of sustainable cities. These sessions featured participation from key Omani representatives, offering insights into the nation’s economic strategies and private sector roles.
In conjunction with the forum, an Omani cultural evening was held in partnership with the National Museum and the Russian State Hermitage Museum. This event, attended by officials from Saint Petersburg and various ambassadors, aimed to enhance cultural relations between Oman and Russia. The 'Oman Hall' initiative, inaugurated in 2020, showcased Oman's rich history and cultural heritage, featuring royal possessions from the Sultans of Oman and Zanzibar. The exhibition titled “The Omani Empire: Between Asia and Africa” highlighted Oman's historical significance and its connections with Russia.
The volume of trade exchange between the Sultanate of Oman and the Russian Federation until the end of February 2024 amounted to RO 30,912,620, and Omani exports in 2023 amounted to about RO 3,350,047, compared to RO 582,602 in 2022, recording an increase rate of 475.0%. The total amounted to imports to the Russian Federation RO 188,413,298.
Overall, the Sultanate of Oman's participation in the Saint Petersburg International Economic Forum showcased its dynamic economic potential, strategic investment climate, and rich cultural heritage, fostering stronger international ties and paving the way for future collaborations.