Oman-Egypt Business Forum champions deeper economic integration and investment

Muscat: The Oman-Egypt Business Forum, organized by the Oman Chamber of Commerce and Industry (OCCI), underscored the critical importance of capitalizing on investment opportunities in both nations.

The forum focused on strengthening partnerships between Omani and Egyptian private sector establishments to boost trade and investment volumes, facilitate the transfer of expertise, and broaden cooperation in key economic sectors. These include construction and contracting, energy and oil, engineering consultancy and real estate, and industry.

Qais bin Mohammed Al Yousuf, Minister of Commerce, Industry and Investment Promotion, stated that the ministry aims through this forum to enhance investment and commercial exchange, leveraging the comparative and competitive advantages of Oman and Egypt to achieve the desired economic integration.

In his address, the minister expressed his aspiration for the forum to yield substantive recommendations that serve as a practical starting point for building robust partnerships and economic ties between the two countries. He emphasized the pivotal role of the private sector in fortifying these relations for the benefit of both Omani and Egyptian people. Furthermore, he voiced his hope for Oman to evolve into a regional hub, utilizing its extensive network of bilateral and multilateral trade agreements.

He added that this meeting represents an opportunity to translate the promising shared economic vision into actionable plans, enhance trade and investment flows, and secure priority access for Omani products in the Egyptian market.

For his part, Lieutenant General Eng. Kamel Al Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport of Egypt, highlighted the necessity of bolstering the role of the business community in both countries. He stressed supporting cooperation between Egyptian and Omani businessmen by activating bilateral cooperation mechanisms, noting that the forum will help increase trade, expand joint investments, and open new avenues for economic collaboration.

The Egyptian Minister welcomed the proposal to create a joint investment platform, which would act as a single window to showcase available opportunities in Oman and Egypt. This platform would streamline communication between investors, complementing the work of Egypt’s Ministry of Investment and Foreign Trade and Oman’s Investment Authority to capitalize on promising opportunities in targeted sectors and expedite their implementation.

In turn, Faisal bin Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry, emphasized the need for ongoing coordination between the Omani and Egyptian chambers, increased exchange of trade delegations, and enhanced dialogue among small and medium-sized enterprises, given their central role in stimulating inter-trade and creating sustainable employment.

In a statement to Oman News Agency, he reaffirmed the Chamber’s commitment to supporting all initiatives that deepen economic cooperation with Egypt, expressing optimism that the forum will unlock new horizons for collaboration between the two nations.

The forum featured the presentation of two working papers detailing the investment climate and opportunities in Oman and Egypt.