Credit By: Arab News
Oman’s Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed Al-Yousef, recently engaged in discussions with Nigel Huddleston, the UK’s business minister, aimed at reinforcing trade relations between the two nations.
Exploring Avenues of Collaboration
During their meeting, the ministers delved into opportunities for collaborative efforts and reviewed indicators of intra-regional trade growth, with a focus on increasing trade exchange and investments between Oman and the UK.
Path to a Free Trade Agreement
The ministers also discussed strategies to boost trade exchange and investments. They explored the status of negotiations regarding a free trade agreement between the Gulf Cooperation Council (GCC) countries and the UK.
Diversifying Partnership Fields
In a separate meeting, Mohsin bin Hamad Al-Hadhrami, Undersecretary of Oman’s Ministry of Energy and Minerals, met with Huddleston to explore bilateral relations in trade, renewable energy, and green hydrogen, diversifying the scope of the partnership.
“Invest in Oman” Hall: A Gateway to Investment
The discussions took place within the context of the “Invest in Oman” hall, a dedicated space launched earlier this year to offer integrated services to investors and present investment opportunities exceeding 1 million Omani rials ($2.6 million).
Future of UK-GCC Trade
Huddleston expressed the UK’s commitment to fostering stronger ties with the GCC, highlighting the potential for a modern, comprehensive, and ambitious free trade deal that can promote innovation and encourage investment in various industries.
Trade Cooperation Committee Meeting
Huddleston is set to attend the 65th Trade Cooperation Committee meeting of the GCC countries in Salalah, further discussing the ongoing negotiations for the free trade agreement between the Gulf nations and the UK.
Surge in Oman’s Development Projects
Meanwhile, the Oman Tender Board is poised to witness a surge in new development projects across various sectors, with a total value exceeding 488 million Omani rials ($1.26 billion).
Key Projects Approved
During the board’s meeting, several projects received approval, including the construction of the Oman Cultural Complex building, the procurement of medicines and vaccines by the Ministry of Health, the Batinah Coastal Road segments, the Al Ansab-Al Jifnain road dualization, and the equipping of the new Ministry of Health building.
Diverse Projects for Oman’s Development
The approved projects span a wide range, encompassing the construction of tunnels, drainage networks, air traffic management systems, and more, signaling Oman’s commitment to infrastructure development and economic growth.
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