Oman,UK Trade Soars to $3.7 Billion in 2018

Published October 23rd, 2019 - 01:00 GMT
British outward investment is making an important contribution in various economic sectors in the sultanate.
British outward investment is making an important contribution in various economic sectors in the sultanate. (Shutterstock)
Highlights
The upsurge in trade underscored the strength of the ties between the two countries

The bilateral trade between Oman and the UK soared 90 per cent to around RO1.4 billion ($3.713 billion) in 2018, compared to figures from 2016, said Simon Penney UK’s trade commissioner to the Middle East, Pakistan and Afghanistan.


Speaking at the recent Oman Economic, Industrial & Free Zone Summit 2019 (OEFZS), Penney noted that the figures represent an “all-time high” in bilateral trade between the two countries, reported the Oman Daily Observer report.

He added that the upsurge in trade underscored the strength of the ties between the two countries.

Penney recalled in this regard the signing of the Oman-UK Comprehensive Agreement in May, which he said, “demonstrates our two countries’ commitment to working together across a number of sectors.”

“In signing this agreement, our ministers jointly stated that for decades HM Sultan Qaboos and our Prime Ministers have been at the forefront in ensuring that our friendship has been maintained in the spirit of the 1800 Unshook Treaty, which we will be celebrating the 220th anniversary next year,” he said.

Penney added: “As Oman seeks to drive diversification to create new economic opportunities across key sectors, my message to you is that the UK is here to support your message.”

The UK government, he said, supports efforts to create a partnership at a government-to-government level with the goal of “working together to tackle common challenges and deliver the solutions that would benefit both of our countries.”

British outward investment is making an important contribution in various economic sectors in the sultanate. He cited the example of British-based engineering services giant, the Wood Group, which is offering its expertise and engineering services to Oman’s oil and gas sector.

Penney also underlined the promising role of Omani ports and free zones in driving Oman’s economic development. Their relative proximity to East-West shipping lanes will enable to flourish and secure a larger share of global trade flows.


Copyright 2019 Al Hilal Publishing and Marketing Group

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