Saturday 21 / June / 2025
St. Petersburg, Russia: The Sultanate of Oman, represented by the Ministry of Commerce, Industry and Investment Promotion, concluded its participation in the 28th St. Petersburg International Economic Forum (SPIEF), reaffirming its commitment to global economic dialogue and cross-border investment engagement. Oman spotlighted its integrated business ecosystem and priority sectors under Oman Vision 2040, which aims to foster a resilient and diversified economy.
SPIEF 2025 attracted approximately 20,000 participants from 140 countries, maintaining robust international engagement. The Forum featured more than 150 events, ranging from thematic panels and plenary sessions to business breakfasts and bilateral dialogues. High-profile attendees included Russian President Vladimir Putin, Indonesian President Prabowo Subianto, Chinese Vice Premier Ding Xuexiang, Bahraini royal Sheikh Nasser bin Hamad Al Khalifa, and South African Deputy President Paul Mashatile — alongside senior officials from nearly 50 countries, including Vietnam, Saudi Arabia, Iraq, and the Central African Republic. Their presence underscored SPIEF’s role as a pivotal platform for fostering multipolar economic cooperation.
The Omani delegation was led by Her Excellency Ibtisam bint Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, who spearheaded a series of high-level meetings and sector-focused engagements. The delegation’s program included participation in key forum sessions, bilateral meetings with institutional investors, and exploratory visits to major corporate pavilions.
This year, Oman’s focus centered on promoting investment in four high-potential sectors: luxury tourism, logistics, food security, and mining — each aligned with national efforts to position Oman as a competitive and future-ready investment destination.
As part of its engagement, Oman organized a dedicated roundtable with leading Russian companies active in these sectors. The session provided a platform to present the Sultanate’s competitive advantages, regulatory reforms, and infrastructure readiness, while facilitating direct dialogue with potential investors and strategic partners.
“Oman is focused on high-value investment, enabling enterprise through streamlined digital platforms, and scaling public-private partnerships—an area where we bring over two decades of institutional experience. Our business climate continues to strengthen, supported by policy clarity, legal reform, and competitive market access.”
She highlighted Oman’s upgraded credit rating by Standard & Poor’s in 2024 as a signal of fiscal stability and investor confidence, adding that the Sultanate is actively translating these gains into tangible investment momentum across key sectors—from green hydrogen and advanced manufacturing to integrated tourism and logistics.
Trade and economic cooperation between Oman and Russia continues to deepen. As of February 2024, the bilateral trade volume reached RO 30.9 million. Notably, Omani exports to Russia surged from RO 582,602 in 2022 to RO 3.35 million in 2023 — a remarkable 475% increase. Imports from Russia totaled RO 188.4 million, highlighting the scale and diversification of commercial ties between the two countries.
Oman’s participation in SPIEF 2025 aligns with its broader strategy to enhance investor outreach in key international markets, particularly in Eastern Europe and Central Asia. By leveraging global platforms such as SPIEF, Oman is actively cultivating a network of institutional investors and strategic partners to catalyse sustainable development and high-impact investment.
As part of the official business program, Oman participated in the SPIEF session titled “Greater Eurasia: Drivers for the Formation of an Integrated Investment Market.” Her Excellency joined global investment leaders to explore policy tools that can accelerate cross-border capital flows. Discussions addressed market integration, institutional readiness, and innovative investment instruments — themes that closely align with Oman’s ongoing investment reform agenda.
