Oman and UK Explore New Economic Cooperation: What It Means for Investors and Entrepreneurs
MUSCAT: The Sultanate of Oman and the United Kingdom have reaffirmed their dedication to strengthening trade and investment relations, advancing negotiations on a free trade agreement (FTA) between the Gulf Cooperation Council (GCC) and the UK. This agreement is anticipated to enhance economic partnerships and increase trade exchanges between both parties.
The dialogue occurred during a virtual meeting between Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and Sir Chris Bryant, the UK’s Minister of Trade Policy. The officials evaluated progress in the ongoing GCC-UK FTA negotiations and emphasized their mutual commitment to completing the upcoming negotiation rounds, paving the way for the agreement’s eventual signing.
At the meeting’s outset, Al Yousef emphasized Oman’s eagerness to broaden its economic relations with the UK across various sectors. He highlighted that the agreement would create broader opportunities for trade in goods, services, and investments, thereby diversifying markets and boosting bilateral trade.
He further stated that Oman aims to establish a long-term economic partnership with the UK, based on shared interests and complementary investment prospects.
Both parties underscored the importance of enhanced cooperation between private sector entities in the two countries. They also reviewed the role of the Oman-UK Strategic Advisory Group in fostering trade, investment, and wider economic collaboration.
The discussion included exploring prospects for joint trade and investment forums, exhibitions, and business events, as well as identifying new partnership opportunities in key sectors such as industry, technology, and logistics.
Trade between Oman and the UK reached approximately RO 221.7 million by the end of 2024, with British direct investment in Oman surpassing RO 158 million. These investments are spread across 632 British-owned companies, reflecting a 52 percent increase compared to 2023. The UK remains one of Oman’s largest and most trusted investment partners, demonstrating growing confidence in the Sultanate’s dynamic and promising market. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
The ongoing GCC-UK free trade agreement negotiations signal a strategic enhancement of Oman’s trade and investment landscape, offering diversified market access and deeper economic ties with a key global partner. Businesses should prepare to leverage expanded opportunities in industry, technology, and logistics, while investors must watch for increased bilateral engagements that could propel growth and innovation in the Sultanate’s economy.
