The problems of bilateral investments were discussed at the meeting of the Russian-Omani Business Council, where the Ambassador of the Sultanate of Oman Hamoud Salim Abdullah Al Tuwaikh took part.

Representatives from more than 40 Russian regions took part in the meeting, held in the Small Hall of the Russian Chamber of Commerce and Industry and held via video conference.

The meeting was opened by Alexey Rubtsov, Chairman of the Russian-Oman Business Council at the Russian Chamber of Commerce and Industry, who spoke about the formation of the project portfolio
All-Russian program “Project Factory - Focus Oman”. The head of the Council said that events of the Council and the Russian Export Center are held on an ongoing basis in an online format with Omani partners, in which more than 300 Russian companies from 56 regions took part. Alexey Rubtsov noted the positive dynamics of cooperation with Oman and reported that the volume of trade turnover in 2023 significantly exceeded the figures for 2022. In the structure of exports, he highlighted areas that showed good dynamics: mineral products and food products, pearls and precious metals, which showed significant growth. The main Russian imports are machinery and equipment, he said. Direct investments from Russia to Oman amount to $90 million. In this regard, he called the main task of the Council the promotion of mutual investment projects in various fields.

The Ambassador of the Sultanate of Oman, Hamud Salim Abdullah Al Tuwaikh, presented his country's investment opportunities, highlighting, first of all, the sphere of high technology, digital security and the semiconductor industry, as well as infrastructure projects. The Ambassador of Oman noted that the government of his country strives to create the most simplified conditions for investors. According to the ambassador, Oman has the most dynamic investment environment in the Gulf countries. He called free economic zones especially attractive for investors. The head of the diplomatic mission invited Russian companies to invest in Oman.

Vice-President of the Russian Export Center Roman Genkel spoke about the peculiarities of interaction with the regional export support infrastructure to promote Russian business to the Oman market.

The Sultanate of Oman is one of the promising and important partners of the Russian Federation, as evidenced by the growth in trade turnover between Oman and Russia. Confirmation of the importance of Russian-Omani relations was the invitation of Oman as a guest country to SPIEF-2024. The most promising areas of cooperation are energy and tourism, which is facilitated by the presence of direct flights between the two countries, as well as the fact that in 2023 Russia and Oman entered into an agreement on the avoidance of double taxation, which further strengthened trade ties between the companies.

By Peter Cheremushkin,
Press Service of the Russian Chamber of Commerce and Industry