RIYADH: The second phase of industrial integration initiatives between Oman and Saudi Arabia (KSA) was launched in Al Riyadh as part of the work of the Economy, Trade, and Industry Committee of the Omani-Saudi Coordination Council, on Saturday.
The launch ceremony was held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, in the presence of Bandar bin Ibrahim al Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia. The event was attended by Sayyid Najib bin Hilal bin Saud al Busaidy, the Sultanate of Oman’s Ambassador to the Kingdom of Saudi Arabia, its Permanent Representative to the Organisation of Islamic Cooperation and its Permanent Representative to the Digital Cooperation Organisation in Al Riyadh, and a number of officials representing both countries. A visual presentation was staged highlighting the most prominent existing industrial initiatives between the two countries and future plans in certain sectors within the paths of joint industrial integration.
A number of future initiatives aimed at enhancing industrial cooperation, expanding the scope of mutual investments, and supporting supply chains and manufacturing between the two countries, were discussed.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met with HH Prince Sultan bin Khalid al Saud, CEO of the Saudi Industrial Development Fund (SIDF).
During the meeting, they discussed financing opportunities and financial support for joint industrial projects, as well as ways to exchange expertise in the areas of industrial zone development and financing infrastructure supporting the industrial sector.
The launch of the initiatives is a step forward in the industrial partnership between the countries. It aims to enhance industrial integration, spur joint investments and foster cooperation in value chains and trade exchange.
The second phase involves a package of qualitative initiatives, including the inclusion of Omani products on the list of approved industrial capabilities in Saudi Arabia, the implementation of national rules of origin to ensure equal treatment between Omani and Saudi companies in government tenders and procurement, facilitating procedures for registering industrial products with the relevant regulatory authorities in both countries, launching a fast track for conformity procedures for industrial products, exchanging investment opportunities in promising industrial sectors and enhancing integration in supply chains linked to free trade agreements and regional markets particularly in Africa.
The meeting also reviewed the most prominent results achieved during the first phase of the industrial integration initiatives. These included a project to link industrial zones in the two countries, integration in the value chains of several strategic industries, exchange of industrial databases, establishment of technical working groups and activating joint coordination at international exhibitions and conferences.
Al Yousef emphasised that the launch of the second phase of the industrial integration initiatives and the signing of bilateral agreements affirm the shared will of Oman and Saudi Arabia to enhance economic cooperation and industrial integration between the two countries. He noted that these initiatives are a translation of the vision of the leaderships of the two brotherly countries to establish strategic partnerships based on integration and equality, contributing to enhancing local added value, expanding the industrial production base, raising the level of trade and investment exchange, and providing a competitive business environment that supports private sector growth. — ONA
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