Oman, US sign MoU worth $500mln to boost trade, investment

Oman, US sign MoU worth $500mln to boost trade, investment

Oman and the US have signed a memorandum of understanding worth OMR192 million ($500 million) to explore options for utilising the Export-Import Bank of the United States (EXIM)’s financing and to promote trade and investment.

Oman, whose bilateral trade with the US topped $4.22 billion in 2022, the highest ever and up 30% from 2021, will see US collaboration in strategic sectors of its economy, ranging from renewable energy to manufacturing, it was decided at the start of the inaugural session of the Strategic Dialogue between the Sultanate of Oman and the United States of America.

The US is Oman’s largest market for non-oil exports, providing the long-term partnership to create jobs and mutual prosperity in both countries, an Oman News Agency (ONA) report said.

Three working groups

Both sides discussed and outlined areas of cooperation within three working groups: trade and investment; clean energy; and education, culture, and science. Both countries underscored the importance of boosting trade and investments in strategic fields.

In a joint statement, the two sides pointed out that the first Strategic Dialogue coincides with the 190-year anniversary of the signing of the Treaty of Amity and Commerce, which established commercial relations between the two countries. It was the first trade