Oman, UK ink cooperation agreement to boost trade relations

London: An agreement of partnership was signed between the Sultanate of Oman, represented by the Oman Investment Authority (OIA), and the United Kingdom (UK), represented by the British Office for Investment.

The agreement, signed in London, aims to bolster the relations and high-value investment volume between the two countries.

The agreement comes within the framework of the memorandum of understanding between the British Office for Investment and the OIA aimed to enhance the joint economic relations.

The trade volume between the two countries reached GBP 1 billion annually. Moreover, direct British investments comprise 50% of the foreign investments volume in the Sultanate of Oman over the past years.

The agreement of partnership aims to invest in specific fields, namely clean energy and information technology.

The signing of the agreement comes after the meeting of His Majesty Sultan Haitham Bin Tarik with Prime Minister Boris Johnson last month. That meeting explored means of enhancing the bilateral relations.

Sayyid Badr Hamad Al Busaidi, Foreign Minister said that the agreement is in line with the aspirations of the two countries towards developing the bilateral relations and enhancing cooperation.

On his turn, Abdulsalam Mohammed Al Murshidi, Chairman of OIA affirmed that the agreement embodies the goals of Oman Vision 2040, especially in the areas of sustaining the financial situation and attracting foreign investments.

Moreover, the British Minister of State for Trade and Investment said that the Sultanate of Oman is considered a strategic partner in the Middle East. He added that the UK is keen to boost the trade and investment relations with Oman.

Furthermore, the agreement is expected to contribute to the establishment of economic projects in Oman, including ones in the fields of construction, industry and services.

It is worth noting that the agreement coincides with the current meetings being held by the strategic Omani-British advisory team.

Moreover, the UK and the GCC countries are preparing to hold official talks regarding the free trade agreement. Negotiations on this agreement are expected to start during this year.

— Ends/AG/AH