Muscat: Oman and the Russian Federation have made considerable progress in fostering economic collaboration through a series of agreements, memorandums of understanding, and cooperation protocols in diverse sectors. These advancements took place during His Majesty Sultan Haitham bin Tarik's state visit to Russia on April 21 and 22.
During the visit, several agreements were established, including a protocol for economic and technical collaboration, a mutual visa exemption accord, a project aimed at forming a joint economic committee, as well as memorandums focused on transportation, tackling money laundering and financing of terrorism, cooperation in fisheries, and bolstering institutional frameworks to create platforms for private sector investment opportunities in both nations.
His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, underscored the significance of leveraging the historical connections between Oman and Russia by executing His Majesty’s directives into advanced partnerships in trade, economics, and investment, aligned with Oman Vision 2040.
He mentioned that the visit is the culmination of ongoing efforts at both the governmental and private sector levels, emphasizing the strong bilateral ties between Oman and Russia. These efforts are directed towards enhancing economic integration, creating robust supply chains, and investigating new cooperation avenues, including digital transformation and a green economy, in line with the sustainable development goals of both countries.
His Excellency reiterated Oman’s dedication to establishing a favorable and secure investment climate that nurtures entrepreneurship, facilitates trade, and promotes balanced economic growth. He expressed belief that His Majesty's visit to Russia signifies the dawn of a new era of collaboration, elevating Oman’s status as an attractive investment hub and a trustworthy global partner.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, pointed out the memorandum of understanding signed between the Chamber and the Russian Roscongress Foundation during His Majesty’s visit. This memorandum marks an essential advancement in enhancing trade connections between the public and private sectors of both nations, broadening the partnership scope, and paving the way for new trade and investment opportunities.
He remarked that the memorandum offers a valuable chance for knowledge exchange and the organization of joint initiatives, which would strengthen trade relations, draw mutual investments, and expedite economic collaboration. It also sets the foundation for a new era of economic partnerships rooted in shared interests, promoting cooperation in various domains like trade, knowledge sharing, and collaborative investment ventures.
Concerning the mutual visa exemption agreement, Haitham bin Mohammed Al Ghassani, Director General of Tourism Promotion at the Ministry of Heritage and Tourism, remarked that the agreement would stimulate tourism between the two nations. He mentioned that the Ministry has engaged a tourism representation office in the Russian market, which has initiated its promotional strategy for Oman and has been connecting with Russian travel companies.
He mentioned that the arrangement would boost the number of tourists traveling from Russia to Oman, granting Russian visitors the advantage of longer stays and more adaptability in organizing their trips without requiring visas. The Ministry's data indicates that in 2024, more than 44,000 Russian tourists visited Oman, and the next period is anticipated to witness an uptick in arrivals due to these measures aimed at facilitating travel, along with Oman Air's news about direct flights to Moscow available year-round.
