Giant Egypt-Oman investment cooperation opportunities ahead: Min.

MUSCAT - 4 February 2018: Minister of Trade and Industry Tarek Kabil referred to giant investment cooperation opportunities between Egypt and Oman on Sunday, saying the current trade exchange rates do not reflect the true trade potentials of both nations.

In a statement on the sidelines of a visit to Oman by President Abdel Fatah al-Sisi on Sunday, the minister said cooperation opportunities include industrial cooperation, the establishment of industrial zones, industrial zones management and industrial training for technicians.

Egypt and Oman enjoy strategic and distinguished bilateral relations in the various fields including politics, economy and culture, he said, stressing full agreement between the two countries as regards all economic issues on agendas of international economic forums and conferences.

It is necessary to raise inter-trade and investment levels in a way that reflects historical ties between the two peoples, he said, asserting the need to activate bilateral and multilateral agreements between Egypt and Oman in order to enhance economic cooperation between them to reach unprecedented levels.

Trade between Egypt and Oman hit dlrs 300 million in 2017, he said.

Egypt's exports to Oman include dairy and agricultural products, machines, electric devices, porcelain, pharmaceuticals, aromatic oils, chemical products and copper and copper industries, he said.

Egypt imports from Oman iron and steel and their products, fish, shrimps, machines, oil and oil products and metallic oils, he added.

Oman investments in Egypt are in 70 projects to the tune of dlrs 77 million in the fields of industry, agriculture, tourism, services and construction, while Egypt's investments in Oman reach dlrs 30 million in the fields of roads construction, infrastructure, sanitation, real estate and tourism, he said.

Both nations seek activating trade and enhancing joint investments in the near future through boosting cooperation in the fields of establishing and managing industrial zones and cities and industrial training for technicians, he pointed out.