MUSCAT: The Sultanate of Oman took part in the Gulf Cooperation Council (GCC)-Egyptian Business Forum held in Egypt under the auspices of Egyptian President Abdel Fattah El-Sisi.
The forum, organized by the Federation of Gulf countries chambers of commerce, Union of Egyptian Chambers of Commerce, and with support from the General Secretariat of the GCC and the Egyptian Ministry of Trade and Industry, welcomed a delegation from Oman. Led by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, and current chair of the Trade and Industry Cooperation Committee of the GCC, the Omani delegation included representatives from the Oman Chamber of Commerce and Industry.
Various sessions at the forum delved into the collaboration between GCC countries and Egypt, exploring avenues to enhance economic and investment exchanges. The forum aimed to strengthen economic and trade cooperation, boost investment opportunities, and implement decisions by leaders to review investment prospects and realize strategic plans.
Addressing the forum, Qais al Yousef emphasized Oman's interest in expanding economic development opportunities with Egypt. He referenced the Oman-Egypt Business Forum held in May of the preceding year during the visit of His Majesty Sultan Haitham bin Tarik to engage with President Abdel Fattah El-Sisi and business leaders.
Qais al Yousef emphasized the positive economic performance in Gulf economies for 2023, according to global financial reports, with projections indicating that the Gulf countries would achieve the highest global growth rate for 2022/2023.
He proposed recommendations to enhance economic, trade, and investment cooperation between GCC countries and Egypt. These recommendations include holding annual meetings, establishing a secretariat to follow up on forum recommendations, exploring technical solutions for trade and investment, creating a platform for tenders and investment opportunities, studying industrial integration, and emphasizing pharmaceuticals and research and development.
Over two days, the forum covered investment opportunities in real estate, agriculture, tourism, and food industries, as well as industrial integration in electricity, water, and renewable energy. Discussions also touched on Gulf-Egyptian cooperation in healthcare, pharmaceuticals, information technology, digital communications, training, and the exchange of technological and educational experiences.
The economic relationship between GCC countries and Egypt saw trade surpassing $35 billion in 2022, with continuous growth reaching 31 per cent in the same year.
On the sidelines of the GCC-Egyptian Business Forum, Qais al Yousef engaged with Egyptian dignitaries, including the Minister of Commerce and Industry, the President of the Investment Authority and Free Zones in Egypt, and the Chairman of the Egyptian Export Development Bank. Meetings also involved discussions with various Egyptian companies and investors interested in the Sultanate of Oman.
The First GCC-Egyptian Business Forum is expected to enhance investments and partnerships between the Arab Republic of Egypt and the GCC countries. Its aim is to open new horizons for investors, fostering economic alliances and foundations for investment, and forming promising Gulf-Egyptian alliances and partnerships in sectors of mutual interest. This includes a focus on economic diversification sectors in the Sultanate of Oman, such as industry, tourism, food security, logistics, and mining.
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