United States one of Oman's largest trade partners: Study

Business Saturday 04/July/2020 14:48 PM
By: Times News Service
United States one of Oman's largest trade partners: Study
Washington: A new report issued by the US Congressional Research Service Centre described the relations between the Sultanate and the United States as distinguished.
The report also indicated that the US is one of the Sultanate's key trade partners.
In 2018 and 2019, the USA exported goods worth approximately $2 billion to the Sultanate and imported goods worth some $1.1 billion from the Sultanate, according tothe report.
The key US exports to Oman included cars, aircrafts and their parts and drilling equipment while the main Omani exports to the United States included fertilisers, industrial supplies and secondary oil products, said the report.
The report stated that the FTA between the two countries has enhanced the partnerships between the companies of the two countries in a number of industries, mainly in the field of energy.
The report also added: "To improve its economy in the long run, the Sultanate has worked on enhancement of its plans for diversification.
"For instance, in the first half of 2019, the contribution of the non-oil sector to the Sultanate's GDP has doubled."
The significant aspect of Oman's "Vision 2040" is to attract foreign investments in order to further enhance the Sultanate's position as a business hub, said the report pointing to the investments in Duqm worth $60 billion.
Projects in Duqm have attracted investments from the US, KSA, Kuwait, Iran, South Korea and China.
During the past few years, the Sultanate has enhanced its Liquefied Natural Gas exports mainly to Asian countries, said the report pointing that the Sultanate is a contributor to Dolphin Gas Project, the first cross-border refined gas transport project in the GCC.