Muscat: Judith DelZoppo Pryor, the First Vice President and Vice Chair of the Board of Directors at the Export-Import Bank of the United States (EXIM), has affirmed that the Memorandum of Understanding (MoU) signed between the Ministry of Finance and EXIM in 2023 marks a significant milestone in the longstanding relationship between Oman and the United States, spanning 230 years.
In an interview with the Oman News Agency (ONA), Ms. Pryor elaborated on the MoU, highlighting that it delineates a partnership and cooperation valued at USD 500 million across various sectors, including communications, biotechnology, agriculture, and manufacturing.
She emphasized EXIM's commitment to providing comprehensive banking and financing services to Omani companies and small to medium enterprises, with the objective of facilitating their entry into the US market.
Ms. Pryor noted that the MoU signifies a fresh dimension in the economic and trade collaboration between the two nations, following the inauguration of the free trade agreement in early 2009, which has effectively bolstered investment cooperation relations between Oman and the United States of America.
She further explained that the MoU is designed to support the private sector institutions in Oman through EXIM's array of financing tools, enabling companies to expand, prosper, and create employment opportunities, thereby contributing to the overall development and strengthening of the Omani economy.
The MoU, signed in the previous year, between the Government of the Sultanate of Oman, represented by the Ministry of Finance, and EXIM, aims to enhance economic cooperation in financing trade, goods, and services. Additionally, it seeks to provide financial support for the establishment or expansion of projects in the industrial sector across various fields, including wireless communications equipment, fifth-generation network technology, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining, and manufacturing.
It is important to mention that during her visit to Oman, Ms. Pryor engaged in numerous meetings with officials from the economic, commercial, and banking sectors. These discussions focused on ways to further enhance existing cooperation and forge new partnerships, as well as exploring opportunities for Omani companies to invest in the construction or expansion of manufacturing facilities in the United States.
