Oman-Russia
Business Forum Opens New Horizons for Economic Partnership

Muscat,
13 Nov (ONA) — The Oman-Russia Business Forum, organized today by Oman
Chamber of Commerce and Industry (OCCI) in cooperation with the Ministry of
Commerce, Industry and Investment Promotion and the Russian Roscongress
Foundation, showcased new horizons for economic partnerships between the two
countries.

The
forum focused on the sectors of energy, technology, communications, banking and
finance, education, health, and pharmaceutical industries, in addition to the aviation
and space industry, trade, and consulting services.

Qais
bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment
Promotion, noted that the forum embodies the deep fraternal and historical
relations linking the Sultanate of Oman and the Russian Federation. He added
that it represents an opportunity to enhance joint cooperation, exchange
expertise, and explore new avenues to support and solidify bilateral relations
and partnership in various fields that contribute to achieving sustainable
development. He mentioned that the forum comes at a special timing, marking the
40th anniversary of the establishment of diplomatic relations between the
Sultanate of Oman and the Russian Federation.

He
added that bilateral relations have witnessed continuous growth, with the total
volume of trade exchange between the two countries reaching about USD 340
million by the end of 2024, marking an increase of 62.3 percent during the
period from 2020-2024. He noted that the number of registered companies with
Russian investments in Oman increased to 197 companies by the end of 2024,
compared to only 90 companies in 2023, an increase of nearly 119 percent. This
confirms the mutual trust between the business communities and the joint desire
to expand future partnerships.

He
further clarified that Foreign Direct Investment (FDI) by the end of the second
quarter of this year increased by 12.8 percent compared to the same period last
year. The growth rate in the volume of FDI during the period from 2020 until
the second quarter of 2025 reached 111.9 percent, which are positive indicators
reflecting the robustness of the Omani economy and its attractiveness to
international investors.

For
his part, Faisal bin Abdullah Al Rowas, Chairman of the OCCI Board of
Directors, said that the forum aims to enhance international cooperation and
expand the base of economic partnerships with various countries around the
world. He explained that this meeting embodies the depth of historical
relations between the two friendly countries and affirms the joint aspiration
toward building a more prosperous and integrated future based on mutual respect
and sustainable economic interests.

He
indicated that the forum comes at a strategic time, representing a practical
opportunity to enhance existing partnerships and explore new areas of cooperation
through a rich program that includes a series of discussion sessions and
business dialogues on the prospects for economic and commercial cooperation in
various promising sectors, in addition to direct bilateral meetings that allow
investors and officials to build practical understandings and partnerships.

Dr.
Hamad Al Dhahab, Head of the Omani side in the Omani-Russian Business Council,
stated that the forum is a new stop on the path of the growing partnership
between the two friendly countries. He clarified that the establishment of the
Omani-Russian Business Council was intended to be an effective bridge for
communication between the private sectors in both countries and a source for
enhancing commercial and investment cooperation.

He
pointed out that the Council has been keen to translate joint directives into
realistic initiatives and cooperation projects, contributing to opening new
horizons for economic cooperation, facilitating direct communication between
business owners, and enhancing understanding of the investment environment and
legislative framework in both countries.

Al
Dhahab explained that the forum constitutes a strategic platform for deepening
economic understanding between Oman and Russia and an opportunity to discuss
ways to elevate economic relations to more comprehensive and balanced levels,
in line with national priorities and development visions in both countries,
especially Oman Vision 2040.

The
forum included a number of working sessions, notably one titled “Oman and
Russia: Unleashing the Potential for Trade, Economic, and Investment
Cooperation” and another titled “Prospects for Deepening the
Omani-Russian Dialogue in the Energy and Mining Sectors.” Business owners
and experts also discussed “Moscow – Oman: Digital Transformation of
Cities and New Horizons for Technological Partnership.”

The
forum concluded with an extended networking event between Omani and Russian
companies, which included bilateral business meetings and specialized sessions
for cooperation between government institutions and the private sector,
providing practical opportunities to establish partnerships in the fields of
investment, technology, manufacturing, and logistics.

—Ends/AG