Saudi and Omani companies recently signed numerous memorandum of understandings (MoUs) in a bid to strengthen economic and industrial ties.
Cooperation In Key Sectors Explored
The agreements were sealed during bilateral meetings organised by the Saudi Export Development Authority and Oman`s Ministry of Commerce, Industry and Investment Promotion (MoCIIP). The high level sessions connected Saudi entrepreneurs and manufacturers with their Omani counterparts to explore cooperation in key sectors. Accordingly, discussions targeting the construction, food, packaging and medical industry industries were held. Notably the agreements aim to build strategic partnerships, exchange expertise and open new markets for national products. Furthermore, they also seek to enhance industrial integration and increase trade exchange between the Kingdom and the Sultanate of Oman.
Opportunities To Build Industrial Partnerships
The Saudi Export Development Authority expect cooperation with Oman will provide opportunities for building industrial partnerships capable of competing at regional and international levels. Oman`s MoCIIP noted that the meetings represent an important step towards strengthening economic, trade and industrial cooperation between both countries. Moreover, the Ministry is committed to creating a business environment that attracts joint investments and supports quality projects aligned with the Saudi and Oman National Visions. Importantly, the discussions reviewed methods of strengthening private sector collaboration, ways of supporting existing projects and explored new investment opportunities. As a result, the meetings reflected the shared goals of both nations to diversify their economies and stimulate innovation.
Omani-Saudi Franchise Exhibition Announced For Late September
In associated news, the Federation of Saudi Chambers and Omans Chamber of Commerce announced the Omani-Saudi Franchise Exhibition. The event will be held from September 30 to October 2 at Muscat`s Convention and Exhibition Centre. Accordingly, the pioneering three-day exhibition will open new horizons for brands, entrepreneurs and investors. Importantly, it will offer a platform to showcase franchising sector opportunities and promote quality partnerships for small and medium enterprises.
According to official figures, trade between Saudi Arabia and Oman reached SAR 21.25 billion (USD 5.67 billion) for 2024.
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