Bilateral trade between Oman, Turkey at $309m

MUSCAT: Official statistics show that as of the end of 2015, there have been 64 joint ventures between Oman and Turkey with capital investments touching $203.6 million in business, construction, transport, industry, services and other economic sectors. This figure does not include the joint stock companies or branches of international Turkish companies, which increased the number of Turkish manpower in various technical and supervisory jobs in the Sultanate to 2,734 as of the end of 2015.
The value of the reciprocal trade between the two countries crossed $309.8 million, while the value of commodity imports from Turkey to the Sultanate stood at $246.5 million at the end of 2015, the value of the non-oil commodity exports or re-exports to Turkey stood at about $63.4 million at the end of 2015. This was stated by Yahya bin Saeed al Jabri, Chairman of the Special Economic Zone Authority in Duqm during the 10th session of the Omani-Turkish Joint Committee, hosted by the Sultanate.
The committee discussed wide range of economic issues and cooperation in the field of trade, investment and economy. The Omani side at the meeting was chaired by Al Jabri and the Turkish side was headed by Mehmet Simsek, Deputy Turkish Prime Minister. In a statement to Oman News Agency (ONA), Mehmet Simsek (pictured) said that the meeting discussed means of developing trade and investment between Turkey and the Sultanate, which he described as “an important country in the region and a key partner”. Affirming that the two countries have distinguished economic relations, he said that the Sultanate is known for its strategic location overlooking many international markets, such as Asia, Africa and that it has high quality infrastructure.
He added that the meeting provides an ideal platform for bringing Omani businessmen and their Turkish counterparts to share experiences in all fields. The Turkish guest pointed out that 20 businessmen will arrive in the Sultanate later to explore business opportunities with their Omani counterparts. He noted that the Omani side has presented several investment opportunities in which the Turkish side can take part in economic zones in the Sultanate, and that they will consider them seriously.
He also expressed his admiration of the free zones in the Sultanate and described the Special Economic Zone in Duqm as “a hub for investment.” Al Jabri said that the meeting translates the distinguished bilateral relations and contributes in enhancing avenues of economic relations between the two countries. He pointed out that the meetings complete the efforts made by the previous committees, explore avenues of cooperation in all fields that serve both countries, help in sharing experiences and augmenting the bilateral relations. — ONA