Oman keen to boost economic ties with Egypt

Business Wednesday 17/May/2017 21:45 PM
By: Times News Service
Oman keen to boost economic ties with Egypt

Muscat: Bilateral meetings aimed at boosting economic relations between the Omani and Egyptian companies began in Cairo on Wednesday.
The meetings are being organised by the Public Authority for Investment Promotion and Export Development (Ithraa), in cooperation with the Sultanate’s Embassy in Egypt involving more than 100 companies.
The bilateral meetings were inaugurated by Dr. Ali bin Ahmed Al-Issa’ee, Sultanate’s Ambassador to Egypt, its Permanente Delegate to the Arab League.
Dr. Al-Issa’ee said that the meeting aims at developing the economic relations between the Sultanate and Egypt for the interest of the people.
He affirmed the Sultanate’s keenness in promoting the economic relations with Egypt.
He also pointed out that there is a ministerial committee between the two countries that holds periodic meetings. The statistics of the National Center for Statistics and Information (NCSI) pointing out that the Sultanate’s exports to Egypt stood at OMR16.834 million in 2016 while the Sultanate’s imports from Egypt stood at OMR48.015 million.
Dr. Al Issa’ee added that since the Blessed Renaissance in 1970, which is being led by His Majesty Sultan Qaboos bin Said and the opening of the Sultanate’s Embassy in Egypt in 1972, the relations between the two countries are considered a role model in the Arab-Arab relations.
Nasima Al Balushi, Ithraa’s Director General for Export Development said: “We are in Cairo to introduce our hosts to a range of high quality, Oman-made products, forge better connections with existing business contacts and establish new relationships too, particularly in food processing, marble, pharmaceuticals and plastics”.
“The visit has proven to be incredibly useful on a number of levels, as it has given participating Omani firms an excellent opportunity both to highlight their high-end offer in food production, marble, pharmaceuticals and plastics as well as communicate to our Egyptian counterparts that we are open for business,” added Ithraa’s Director General.
Egypt continues to maintain its position as the Arab world’s largest consumer market. With an estimated 92 million citizens and one of the world’s fastest growing populations. The demand for food
products, in particular, is expected to continue to grow. Research suggests that by the end of 2017, food sales at Egyptian supermarkets and hypermarkets are expected to have doubled from their 2011 levels.
During the visit, the Omani business delegation familiarised itself with the Egyptian market and products.