Muscat – Oman, represented by the Ministry of Finance, signed a memorandum of understanding (MoU) valued at RO192mn (US$500mn) with Export-Import Bank of the United States (EXIM) on Thursday. The MoU will explore options of utilising EXIM financing and promoting trade and investment in strategic sectors of Oman’s economy, ranging from renewable energy to manufacturing.
Bilateral trade between Oman and the United States totalled US$4.22bn in 2022, the highest ever and up 30 per cent from US$3.25bn in 2021. The United States is Oman’s largest market for non-oil exports, providing options for the long-term partnership to create jobs and mutual prosperity in both countries.
The MoU was signed on the sidelines of the first Oman-US Strategic Dialogue by H E Abdullah Salim al Harthy, Undersecretary in the Ministry of Finance, and Reta Jo Lewis, President and Chair of the Board of Directors of EXIM.
H E Harthy said that the MoU will open the way for more partnerships and cooperation between the two countries. It will also open new vistas to invest, especially in the promising sectors in Oman, such as mining, technology and clean energy, he added.
He explained that the MoU establishes cooperation between Oman and US through working teams that will be formed for the sectors covered by the memorandum.
“Opportunities will be explored through which EXIM can support trade and investment opportunities in Oman.”
On her turn, Reta of EXIM, confirmed that the bank seeks to play a pivotal role in supporting bilateral relations and partnership between the two sides. “This includes provision of various kinds of support to financial and commercial institutions in Oman and the business community, in general, in a bid to make optimal use of the capabilities that Oman possesses in many sectors.”
Reta added that the bank introduces the American business community to the investment opportunities available in Oman and pointed out that the MoU signed between the two sides will contribute to strengthening bilateral relations and pushing them towards broader horizons in many spheres through the exchange of experiences and visions in the investment, trade and research sectors for the benefit of the two countries and their friendly peoples.
