Egypt’s Minister of Trade and Industry Ahmed Samir has inaugurated the Egyptian-Omani Business Forum in Cairo within the framework of the visit of the Sultan of Oman Haitham bin Tarik to Cairo, with the participation of Qais bin Mohammed Al Yousef Minister of Commerce, Industry and Investment Promotion.
Samir said that future business mechanisms between the two countries include stimulating investment in a way that achieves more benefits for the two economies.
He highlighted Egypt’s interest to expand the participation of domestic and foreign private sector in the national economy, and to benefit from great investment potentials that the Egyptian market enjoys.
Samir called on the Omani business community to invest in large projects being implemented by Egypt, which offer promising investment opportunities in various fields and sectors.
The minister has presented the most important facilities provided by the government to improve the business environment and climate in the Egyptian market namely the issuance of the golden license for projects operating in sectors of importance to the Egyptian state, whether they are local or foreign projects.
The minister noted that the intra-trade between Egypt and the Sultanate of Oman is witnessing a great momentum that is increasing year after year, pointing out that trade exchange between the two countries reached approximately $1.8bn in 2022, compared to $651m in 2021, an increase of about 66%.
Samir explained that Omani investments in Egypt amount to about $80.5m in 110 projects in the sectors of industry, agriculture, tourism, services, construction, finance, communications and information technology. Meanwhile, Egyptian investments in Oman amount to about $860m in 142 projects in fields of road construction and infrastructure, sanitation, real estate investment and tourism.
The minister highlighted the possibility of achieving the maximum possible benefit from the accumulation of rules of origin between the two countries, as well as benefiting from the Egyptian market as a gateway for Omani products to enter the markets of the countries of the African continent, as well as benefiting from the Omani market as a hub for Egyptian exports to enter the markets of the Arab Gulf countries.
Al Yousef affirmed his country’s keenness to support the bonds of joint economic cooperation with Egypt in a way that benefits and achieves common interest of the two countries.
He highlighted the importance of strengthening joint efforts to build trade and investment partnership between the two countries and benefit from the potentials and components of the Omani and Egyptian economies.
The Omani Minister of Commerce and Industry explained that the investment climate in the Sultanate of Oman includes many incentives in various productive sectors, including tax and customs exemptions and giving the opportunity for investors and their families to reside in the Sultanate.