Oman’s Call for Global Cooperation at UNCTAD Conference: Implications for Investment Opportunities and Business Growth
GENEVA: The Sultanate of Oman participated in the 16th Ministerial Conference of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, themed “Shaping the Future: Driving Economic Transformation for Equitable, Inclusive and Sustainable Development.”
The delegation from Oman was headed by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. He was accompanied by Ambassador Idris bin Abdulrahman al Khanjari, Oman’s Permanent Representative to the United Nations and other international organizations in Geneva, along with senior officials from the Ministries of Commerce and Foreign Affairs.
The UNCTAD Ministerial Conference, held every four years, is the primary decision-making body of the organization, attracting heads of state, ministers, representatives from international organizations, and the private sector. Key discussions centered on the global economic challenges faced by developing and least-developed nations, helping shape UNCTAD’s strategic roadmap for the next four years.
Minister Al Yousef emphasized the vital role of international cooperation amidst economic transformation, identifying trade, investment, and technology as essential drivers for inclusive and sustainable growth. He referenced Oman Vision 2040, which outlines a clear framework for national economic diversification, particularly in sectors such as industry, logistics, renewable energy, and the digital economy.
He further stated that the outcomes of the conference should focus on strengthening developing economies through equitable financing and technical assistance to facilitate the achievement of their sustainable development goals. Al Yousef reaffirmed Oman’s commitment to enhancing collaboration with UNCTAD in areas such as capacity-building, innovation, and policy development.
Ambassador Al Khanjari highlighted that the conference serves as a crucial platform for fostering multilateral collaboration to address global challenges in a spirit of solidarity and shared responsibility.
During the conference, Al Yousef engaged in bilateral meetings with key figures including the Secretary-General of UNCTAD, the Directors-General of the WTO and WIPO, and the President of the Arab Bank for Economic Development in Africa (BADEA). These discussions aimed at exploring opportunities for enhanced technical cooperation. Additionally, he met with his counterparts from Saudi Arabia, Iraq, Türkiye, Vietnam, and Bhutan to discuss ways to strengthen economic ties and partnerships. — ONA
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Oman’s participation in the UNCTAD Ministerial Conference signals a commitment to international cooperation and economic transformation, creating opportunities to enhance trade and investment. Businesses in Oman should leverage the emphasis on sustainable development sectors like renewable energy and technology, while investors must be aware of the potential risks tied to global economic challenges and focus on leveraging Oman’s strategic partnerships. Recognizing the importance of these developments is crucial for positioning in a rapidly evolving economic landscape.
