Muscat: The 12th session of the Omani-Turkish Joint Committee convened in Muscat today, focusing on investment opportunities and economic collaboration between the two nations.
The Omani delegation was led by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, while the Turkish side was represented by Mehmet Simsek, Minister of Treasury and Finance of the Republic of Türkiye.
Al Yousef praised the historically strong ties between Oman and Türkiye, highlighting the recent visit of His Majesty Sultan Haitham bin Tarik to Türkiye as a significant milestone. He characterized the relationship as a "model of fruitful cooperation."
“This session continues our efforts to strengthen economic and commercial ties, in line with Royal directives,” Al Yousef stated, emphasizing that the discussions would enhance trade volumes and promote the creation of joint economic initiatives through the Omani-Türkiye joint investment fund established during the Sultan's visit.
He also noted that Oman is fostering collaboration among educational institutions to boost research and innovation in technology, healthcare, food security, and other sectors. Al Yousef reported a remarkable 328.5 percent increase in Turkish investments in Oman during 2023, along with a 68 percent rise in the number of Turkish companies operating in the Sultanate.
Mehmet Simsek emphasized the urgency of advancing discussions regarding the Free Trade Agreement (FTA) between the GCC nations and Türkiye. He highlighted that the comparative advantage of the Sultanate of Oman is a significant factor in attracting Turkish investments across various sectors, including defense industries, artificial intelligence, and mining.
The meeting identified promising areas for collaborative efforts, such as renewable energy, logistics, tourism, manufacturing, and agriculture. Additionally, it addressed the ongoing negotiations for the proposed GCC-Türkiye free trade agreement.
Both parties recognized the significance of trade and investment forums aimed at promoting industrial products from the private sector and the necessity of highlighting available investment opportunities through chambers of commerce in collaboration with relevant ministries.
Oman is eager to strengthen its bilateral relations and discover new avenues for partnership with Türkiye, focusing on mutual interests and fostering sustainable development for both Omani and Turkish populations.
As of July 2024, Omani exports to Türkiye amounted to RO 51.7 million, while imports from Türkiye reached RO 131.2 million. By August 2024, there were 849 registered companies with Turkish investments. The total volume of trade between the two nations was approximately RO 315 million by the end of 2023.
By the conclusion of 2023, Oman and Türkiye finalized 12 agreements and memoranda of understanding aimed at establishing frameworks for economic, commercial, and technical collaboration. These included the "agreement on encouragement and mutual protection of investments," the "agreement on avoidance of double taxation," and memoranda of understanding for cooperation between their respective chambers of commerce, along with additional agreements in sectors such as tourism, agriculture, air transport, and environmental initiatives.
The meeting was attended by Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Pankaj Khimji, Advisor for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion, Mehmet Hakimoğlu, Ambassador of the Republic of Türkiye to the Sultanate of Oman, and various officials from both nations.
