Muscat: A workshop entitled "Enhancing Trade Exchange and Industrial Integration between Oman and Saudi Arabia" was held in Muscat, gathering senior officials and representatives from both countries. The main aim was to identify opportunities for boosting trade, fostering industrial integration, optimizing exports and supply chains, and addressing the challenges faced by exporters in both nations.
This workshop was a joint initiative involving several prominent organizations, including the Ministry of Commerce, Industry, and Investment Promotion of Oman, the Ministry of Industry and Mineral Resources of Saudi Arabia, the Saudi Zakat, Tax and Customs Authority, the Directorate General of Customs of the Royal Oman Police, and the Oman Chamber of Commerce and Industry. The diverse representation facilitated a thorough dialogue that included both public and private sector participants.
Key discussions focused on various important topics, such as overcoming obstacles encountered by manufacturers, streamlining product entry processes, and enhancing trade exchanges. A significant focus was placed on improving supply chain collaboration, particularly in terms of connectivity between ports and special economic zones. Participants also examined potential investment opportunities in emerging fields like artificial intelligence, advanced technologies, and renewable energy, aligning with the strategic objectives of Oman Vision 2040 and Saudi Vision 2030.
The current trade volume between the two countries, which reached OMR 2.891 billion by the end of 2023, provided a basis for discussions on future expansion. Officials conveyed a collective desire to substantially increase this figure, reflecting their shared goals for strengthened partnerships. A recurring theme throughout the workshop was the essential role of the private sector in advancing industrial integration efforts. The event concluded with a commitment to formulate clear recommendations aimed at achieving the objectives of enhanced trade and closer economic cooperation.
