Saturday 26 / April / 2025
Muscat: Oman and the Russian Federation have taken significant strides toward strengthening economic cooperation through the signing of several agreements, memorandums of understanding, and cooperation protocols across various fields. These developments occurred during the state visit of His Majesty Sultan Haitham bin Tarik to Russia on April 21 and 22.
The visit witnessed the signing of agreements, including an economic and technical cooperation protocol, a mutual visa exemption agreement, a project to establish a joint economic committee, and memorandums of understanding in areas such as transport and transit, combating money laundering and terrorism financing, fisheries cooperation, and enhancing institutional frameworks to provide platforms for the private sector to capitalize on investment opportunities in both countries.
His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, emphasised the importance of building on the shared historical legacy between Oman and Russia by translating the directives of His Majesty into advanced economic, trade, and investment partnerships based on mutual interests and Oman Vision 2040.
He stated that the visit culminated in continuous efforts at both governmental and private sector levels, highlighting the exemplary bilateral relations between Oman and Russia. These relations aim to enhance economic integration, develop supply chains, and explore new areas of cooperation, such as digital transformation and the green economy, in line with the sustainable development aspirations of both nations.
His Excellency reaffirmed Oman's commitment to creating an attractive and secure investment environment that supports entrepreneurship, promotes trade exchange, and achieves balanced economic development. He expressed confidence that His Majesty's state visit to Russia marks the beginning of a new phase of close cooperation, enhancing Oman's position as a promising investment destination and a reliable international partner.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, highlighted the memorandum of understanding signed between the Chamber and the Russian Roscongress Foundation during His Majesty's visit. This memorandum represents a significant step toward strengthening trade relations between the public and private sectors of both countries, expanding the scope of partnership, and opening new horizons for trade and investment cooperation.
He noted that the memorandum provides a valuable opportunity for exchanging expertise and organizing joint activities, thereby enhancing trade relations, attracting mutual investments, and accelerating economic cooperation. It also lays the foundation for a new phase of economic partnerships based on mutual interests, fostering collaboration in various fields, including trade exchange, knowledge sharing, and joint investment projects.
Regarding the mutual visa exemption agreement, Haitham bin Mohammed Al Ghassani, Director General of Tourism Promotion at the Ministry of Heritage and Tourism, stated that the agreement would boost the tourism sector between the two countries. He noted that the Ministry has contracted a tourism representation office in the Russian market, which has begun its promotional plan for Oman and engaged with Russian tourism companies.
He added that the agreement would increase tourist flow from Russia to Oman, allowing Russian tourists longer stays and greater flexibility in planning their visits without the need for visas. According to the Ministry's statistics, over 44,000 Russian tourists visited Oman in 2024, and the upcoming period is expected to see increased visitor numbers due to these facilitation measures and Oman Air's announcement of direct flights to Moscow throughout the year.
