MUSCAT: The Oman-Russia Business Forum, organised on Thursday by the Oman Chamber of Commerce and Industry (OCCI) in cooperation with the Ministry of Commerce, Industry and Investment Promotion and the Russian Roscongress Foundation, showcased new horizons for economic partnerships between the two countries.
The forum focused on the sectors of energy, technology, communications, banking and finance, education, health, and pharmaceutical industries, in addition to the aviation and space industry, trade and consulting services.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, noted that the forum embodies the deep fraternal and historical relations linking the Sultanate of Oman and the Russian Federation. He added that it represents an opportunity to enhance joint cooperation, exchange expertise, and explore new avenues to support and solidify bilateral relations and partnership in various fields that contribute to achieving sustainable development.
He added that bilateral relations have witnessed continuous growth, with the total volume of trade exchange between the two countries reaching about $340 million by the end of 2024, marking an increase of 62.3 per cent during the period from 2020-2024. He noted that the number of registered companies with Russian investments in Oman increased to 197 companies by the end of 2024, compared to only 90 companies in 2023, an increase of nearly 119 per cent. This confirms the mutual trust between the business communities and the joint desire to expand future partnerships.
He further clarified that Foreign Direct Investment (FDI) by the end of the second quarter of this year increased by 12.8 per cent compared to the same period last year. The growth rate in the volume of FDI during the period from 2020 until the second quarter of 2025 reached 111.9 per cent, which are positive indicators reflecting the robustness of the Omani economy and its attractiveness to international investors.
For his part, Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), said that the forum aims to enhance international cooperation and expand the base of economic partnerships with various countries around the world.
He explained that this meeting embodies the depth of historical relations between the two friendly countries and affirms the joint aspiration towards building a more prosperous and integrated future based on mutual respect and sustainable economic interests.
He indicated that the forum comes at a strategic time, representing a practical opportunity to enhance existing partnerships and explore new areas of cooperation through a rich programme that includes a series of discussion sessions and business dialogues on the prospects for economic and commercial cooperation in various promising sectors, in addition to direct bilateral meetings that allow investors and officials to build practical understandings and partnerships.
Dr Hamad al Dhahab, Head of the Omani side in the Omani-Russian Business Council, stated that the forum is a new stop on the path of the growing partnership between the two friendly countries. He clarified that the establishment of the Omani-Russian Business Council was intended to be an effective bridge for communication between the private sectors in both countries and a source for enhancing commercial and investment cooperation.
He pointed out that the Council has been keen to translate joint directives into realistic initiatives and cooperation projects, contributing to opening new horizons for economic cooperation, facilitating direct communication between business owners, and enhancing understanding of the investment environment and legislative framework in both countries.
Al Dhahab explained that the forum constitutes a strategic platform for deepening economic understanding between Oman and Russia and an opportunity to discuss ways to elevate economic relations to more comprehensive and balanced levels, in line with national priorities and development visions in both countries, especially Oman Vision 2040.
The forum included a number of working sessions, notably one titled 'Oman and Russia: Unleashing the Potential for Trade, Economic and Investment Cooperation', and another titled 'Prospects for Deepening the Omani-Russian Dialogue in the Energy and Mining Sectors.'
The forum concluded with an extended networking event between Omani and Russian companies, which included bilateral business meetings and specialised sessions for cooperation between government institutions and the private sector, providing practical opportunities to establish partnerships in the fields of investment, technology, manufacturing and logistics. - ONA
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