Oman-Russia Trade Relations Strengthen: Key Opportunities for Investors and Entrepreneurs in Oman
MUSCAT: Bilateral trade relations between Oman and Russia are on a strong upward trajectory and are expected to continue growing in the coming years, according to Aleksey Valkov, Deputy Director of the Roscongress Foundation. The foundation is a socially oriented non-financial development institution and a key organiser of international conventions, exhibitions, and various business, social, sports, and cultural events.
In an exclusive interview with the Observer during the Oman-Russia Business Forum, Valkov highlighted the growing mutual business interest between the two nations. “For next year, we have signed a cooperation agreement with the Oman Chamber of Commerce and Industry (OCCI), which is very important. This Forum itself is a result of the memorandum of understanding signed between us. We also had a meeting with the head of the OCCI where we discussed numerous topics, including establishing a business mission and organising various business events and forums,” said Valkov, who is also the Director of the St. Petersburg International Economic Forum.
He described the Forum as a significant milestone in Russia–Oman relations, marking 40 years of diplomatic partnership and exploring new opportunities for bilateral trade, investment, and technological cooperation. Valkov emphasized that forums like this provide an ideal platform for decision-makers to take steps toward advancing future collaborations.
Oman and Russia have strengthened their trade ties significantly, with the trade volume increasing by 62.3 percent between 2020 and 2024, projected to reach approximately $340 million by the end of 2024. This growth is driven by rising Russian investments in Oman and a concentrated effort on key sectors such as energy, logistics, and food security, supported by recent agreements and the establishment of a new joint economic committee.
The primary areas of bilateral cooperation include energy, logistics, infrastructure, agriculture, food security, culture, and tourism. Joint projects under consideration involve oil and gas exploration, port modernization, transport logistics, and the production and supply of agricultural and food products. In tourism, interest is growing among Russian travelers visiting Oman, alongside increased Omani interest in Russia as a tourist destination.
Oman was a special guest at the 2024 St. Petersburg International Economic Forum, commemorating 40 years of diplomatic relations—a significant step in continuing to strengthen and enhance bilateral ties.
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The robust growth in Oman-Russia trade, with a 62.3% increase since 2020, signals strong opportunities for businesses in energy, logistics, and food security sectors. Smart investors should leverage the new joint economic committee and bilateral agreements to explore joint ventures in oil, gas, and port modernization, while entrepreneurs can capitalize on rising tourism flows between both countries. Continued diplomatic engagement and strategic forums will be crucial in shaping the next phase of economic collaboration.
