Oman and Türkiye Strengthen Economic Ties at 12th Joint Committee Session
On December 19, 2024, the twelfth consultation of the Omani-Turkish Joint Committee became held in Muscat, marking every other vast step in the developing partnership between the Sultanate of Oman and the Republic of Türkiye. The session, aimed toward discussing regions of funding and monetary cooperation, was co-chaired by using Qais Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, and Mehmet Simsek, Türkiye’s Minister of Treasury and Finance.
The meeting served as a continuation of efforts to enhance bilateral relations among the 2 nations, following a chain of excessive-stage discussions and agreements. Al Yousef counseled the longstanding, traditionally deep-rooted ties among Oman and Türkiye, which have been in addition solidified by way of the latest visit of His Majesty Sultan Haitham bin Tarik to Türkiye. This visit turned into a cornerstone in advancing the connection, and Al Yousef defined the cooperation among the 2 countries as a “version of fruitful collaboration.”
Building on Royal Directives
The primary consciousness of the 12th consultation became on enhancing business alternate and fostering the advent of joint economic initiatives. These projects are in keeping with the directives of Sultan Haitham, who has positioned considerable emphasis on deepening Oman’s worldwide monetary partnerships. One of the highlights discussed was the Omani-Türkiye joint funding fund, which become released all through the Sultan’s visit to Türkiye. The fund is designed to encourage mutual funding and bolster joint projects throughout key sectors, contributing to each countries’ financial growth.
Al Yousef stated that Turkish investments in Oman had grown dramatically, with an outstanding 328.5 percentage growth in 2023 on my own. Furthermore, the number of Turkish businesses running in Oman rose with the aid of sixty eight percentage throughout the identical year. These figures are indicative of the developing monetary cooperation between the 2 countries, especially in sectors such as mining, renewable strength, logistics, and tourism. Al Yousef highlighted that Oman is likewise that specialize in improving collaboration among academic establishments to foster innovation and research, mainly in era, healthcare, and meals security—regions where Turkish information ought to play a pivotal position.
Key Sectors for Joint Cooperation
During the discussions, both facets identified several promising sectors for future collaboration. Renewable strength emerged as a imperative place of interest, with both Oman and Türkiye eager to explore possibilities in sun, wind, and other varieties of smooth electricity. Given Oman’s dedication to transitioning toward sustainable power and Türkiye’s mounted know-how inside the subject, this partnership has the capacity to noticeably make a contribution to the worldwide power transition.
Other sectors identified for cooperation blanketed logistics, agriculture, tourism, and the protection enterprise. The international locations additionally agreed to explore opportunities in the artificial intelligence zone, that is rapidly growing and becoming a concern for each economies. Additionally, changing industries, which contain turning raw substances into finished merchandise, were highlighted as a strategic area for joint ventures.
The significance of growing and promoting the private quarter changed into underscored, with both countries emphasizing the want for alternate and investment forums to show off business products and funding opportunities. These forums, pushed through cooperation between chambers of trade and applicable ministries, are predicted to facilitate more engagement between Omani and Turkish agencies.
Advancing Free Trade Negotiations
A vast point raised at some stage in the consultation became the importance of accelerating negotiations on a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and Türkiye. Mehmet Simsek emphasized that the FTA might be a catalyst for extended alternate and funding flows between Oman, Türkiye, and the broader GCC area. He also talked about that Oman’s strategic role and its comparative gain in diverse sectors make it a super hub for Turkish investments, especially in industries inclusive of protection, mining, and synthetic intelligence.
Growing Trade and Investment Numbers
The commercial change between Oman and Türkiye has been steadily increasing, with figures highlighting the achievement of the bilateral courting. As of July 2024, Omani exports to Türkiye reached RO 51.7 million, at the same time as imports from Türkiye amounted to RO 131.2 million. By the cease of 2023, the whole extent of alternate between the 2 nations stood at about RO 315 million. Additionally, by means of August 2024, 849 agencies with Turkish stakes had registered in Oman, further highlighting the developing financial engagement.
The international locations have signed several agreements and memoranda of knowledge (MOUs) aimed toward framing financial, commercial, and technical cooperation. These agreements include key pacts which include the “Agreement on Encouragement and Mutual Protection of Investments,” the “Agreement on Avoidance of Double Taxation,” and memoranda of information for cooperation in tourism, agriculture, air shipping, and the environment. The signing of those agreements represents a strong framework for fostering future collaboration in a whole lot of fields.
Looking Forward
The session concluded with a commitment from both sides to preserve strengthening their bilateral relations and explore new avenues for cooperation a good way to aid sustainable development for the peoples of Oman and Türkiye. The fine momentum from this twelfth Joint Committee meeting is anticipated to pave the way for greater joint projects and investments within the coming years.
Oman’s emphasis on diversification and economic improvement, combined with Türkiye’s robust economic and technological competencies, units the degree for a successful and together useful partnership. As both countries continue to construct at the agreements signed and discussions held throughout this consultation, their collaboration in key sectors which include renewable energy, logistics, and protection industries should shape the future of bilateral ties, bringing both nations closer to achieving their lengthy-time period financial goals.
In precis, the twelfth consultation of the Omani-Turkish Joint Committee highlighted the intensity of monetary cooperation between Oman and Türkiye. With growing trade, considerable funding possibilities, and a commitment to accelerating discussions at the Free Trade Agreement, the partnership among the 2 nations is poised to attain new heights, reaping benefits both economies and contributing to broader local stability and boom.