UK seeks to boost trade with Oman by a billion pounds

 Liam Fox, U.K. Secretary of State for International Trade, said Britain wants to increase trade with Oman by a billion pounds, from 2 billion to 3 billion in both the private and public sectors.

Fox said the UK wants to increase the volume of trade with the Sultanate to enhance and promote its trade relations with Oman. 

He also said that United Kingdom is working to enhance open trade and promote its trade relations with all countries, even as the country moves ahead on the path of Brexit, he said.

“We will be increasing the finance available from U.K. export finance to support trade with Oman from 2 billion to 3 billion pounds, that is an additional 1 billion in support for U.K. companies exporting to Oman and for their buyers in Oman in both the public and private sectors,” he said.

The British Minister said that at a time when the world is experiencing an economic recession due to the sharp decline of oil prices, the bilateral relations between the two countries are witnessing a remarkable progress in a number of fields, particularly in the economic, trade and investment areas.

The U.K. Secretary of State for International Trade commended the approaches followed by the Omani government to handle the decline of oil prices and diversify the sources of income.

Promising sectors

He pointed out that the Sultanate has a number of promising sectors, which have the potential to contribute to the national economy, such as the ports, fisheries, mining and logistics.

He called upon the U.K. business community to visit the Sultanate and explore the available investment opportunities in all areas, particularly in the economic zone of Duqm.

As for the Khazan Project, signed between BP and the Sultanate’s government, he affirmed that this partnership will benefit both sides as BP seeks to increase the Sultanate’s gas reserves.

He commended Oman Air for operating direct flights from Muscat to Manchester, pointing out that this route will play a vital role in increasing the volume of trade exchange between the two countries, as well as facilitating the movement of businessmen and tourists between both sides.

He added that Oman Air’s upcoming Muscat-Manchester route reflects the level of communication reached by the two countries at the official and national levels. He also affirmed that this step reflects Oman Air’s awareness towards the importance of Manchester as another commercial and educational hub in the UK.

It should be noted that Liam Fox, U.K Secretary of State for International Trade visited Oman yesterday as he met with Dariwsh bin Isma’eel al-Bulushi, Minister Responsible for Financial Affairs, Dr. Ali bin Masoud al-Sunaidi, Minister of Commerce and Industry and Dr. Mohammed bin Hamad al-Rumhy, Minister of Oil and Gas.

This visit was the first of a UK Cabinet Minister to the Sultanate after the UK government triggered on March 29th article 50 of the Lisbon Treaty, the official legal notification to the EU that the UK is going to leave the Union.

Source: Timesofoman