Oman Egypt Business Forum explores investment opportunities

The Oman Egypt Business Forum, organised in Muscat by the Oman Chamber of Commerce and Industry, emphasised the importance of capitalising on investment opportunities in both countries and strengthening partnerships between Omani and Egyptian private sector institutions.

This collaboration aims to increase trade and investment volume, facilitate the transfer of expertise, and broaden cooperation across several economic sectors, including construction, energy and oil, engineering and real estate consulting, and industry.

Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, said that, through the Forum, the Ministry seeks to bolster investment and trade efforts, thereby leveraging the comparative and competitive advantages of the Sultanate of Oman and the Arab Republic of Egypt, to achieve the desired economic integration.

In his speech the Minister expressed his hope that the Forum would produce meaningful recommendations that would mark a genuine beginning towards building strong economic partnerships and relations between the two brotherly countries. He emphasised the pivotal role of the private sector in strengthening these relations to the benefit of both Omani and Egyptian citizens, and expressed his hope that the Oman would become a regional hub, leveraging its extensive network of bilateral and multilateral trade agreements.

The Minister added that the meeting presents an opportunity to implement the promising economic vision between the two brotherly nations, to enhance trade and investment exchange, and to ensure that Omani products are given priority access to the Egyptian market.

Lieutenant General Engineer Kamel El-Wazir, Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry, spoke of the importance of strengthening the role of the business community in both countries and supporting cooperation between Egyptian and Omani businesspeople by activating existing cooperation mechanisms. He said that the Forum would contribute to increasing trade volumes, boosting joint investments, and opening new horizons for economic cooperation between the two nations.

The Deputy Prime Minister welcomed the proposal to establish a joint investment platform that would serve as a unified window to showcase the  investment opportunities available in Oman and Egypt. This platform would facilitate communication between investors, complementing the efforts of the Egyptian Ministry of Investment and Foreign Trade and the Oman Investment Authority, to capitalise on promising investment opportunities in targeted sectors and expedite their implementation.

Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI), spoke of the importance of continued coordination between the Chamber and the Egyptian Chamber of Commerce, intensifying the exchange of trade delegations, and strengthening communication between small and medium-sized enterprises (SMEs), given their pivotal role in stimulating intra-regional trade and creating sustainable employment opportunities.

In a statement to the Oman News Agency, he said that OCCI  is committed to supporting all initiatives that contribute to enhancing economic cooperation with its brothers in the Arab Republic of Egypt, expressing his hope that the Forum would open new horizons for cooperation between the two brotherly countries.

During the Forum, two working papers were presented, reviewing the investment opportunities and climate in Oman and Egypt.