The Omani-Saudi Coordination Committee for Trade, Industry, and Economy conducted its routine meeting in Riyadh, Saudi Arabia, focusing on the review of collaborative integration initiatives. The committee revealed that six projects have been accomplished, with 11 more slated for completion soon. These initiatives represent a significant step forward in the partnership between the two nations aimed at fortifying economic connections and aligning developmental objectives.
Leading the Omani delegation was Dr. Saleh Said Masan, Undersecretary at the Ministry of Commerce, Industry and Investment Promotion. The Saudi side was represented by Eng. Rakan Wadah Tarabzoni, Deputy Minister for International Economic Affairs. Discussions encompassed recent developments, successes, and forthcoming plans centered around trade, industrial enhancement, and economic synergy.
A noteworthy highlight was the successful second phase of the industrial integration project, enabling Omani goods to enter the Saudi market with an Omani certificate of origin. This progress is seen as a crucial improvement, facilitating smoother trade, lowering costs, and providing better opportunities for Omani manufacturers.
Additionally, the meeting celebrated the completion of the future factories initiative along with the signing of 12 agreements that establish connections between factories in both nations. This initiative bolsters manufacturing opportunities and augments the contribution value of industrial output across Oman and Saudi Arabia, enhancing competitiveness and efficiency in their markets.
Trade relations have noticeably advanced, with projections indicating that by the end of 2024, trade volume will exceed $8 billion, a testament to the strong partnerships developing in both countries' business sectors. This growth reveals rising confidence, enhanced market accessibility, and increased demand for exchanged goods.
In terms of economic agreements, a memorandum was signed to foster fair competition and thwart monopolistic behaviors. The nations have committed to collaborating through technical workshops, aligning regulations, and sharing expertise to support Oman Vision 2040 and Saudi Vision 2030, promoting competitive, diversified, and sustainable economies.
During the discussions, Eng. Jassim Saif Al Jadidi presented a comprehensive review of the year’s accomplishments, indicating that the launch of the industrial integration initiatives’ second phase in July marked a pivotal moment. This phase is designed to boost industrial capabilities, enhance local content cooperation, and refine government procurement processes.
These initiatives have elevated industrial partnerships and improved supply chain integration between Oman and Saudi Arabia. Ongoing efforts to finalize the official minutes for validating proof of origin will further streamline goods movement. Once fully realized, these changes will simplify operations for manufacturers and alleviate administrative challenges.
With six initiatives already completed and 11 in progress, both Oman and Saudi Arabia are advancing their economic cooperation with confidence. Their ongoing endeavors aim to develop robust industrial ecosystems, support investors, and create competitive production environments, emphasizing that sustained collaboration is crucial for achieving long-term development goals in trade, industry, and economic integration.
