Oman and Singapore agree to enhance trade, economic cooperation

Singapore: The Sultanate of Oman and the Republic of Singapore agreed to enhance trade and economic cooperation in several areas, including developing the link between emerging companies and small and medium-sized companies with global markets.

This came in a joint statement between the Sultanate of Oman and the Republic of Singapore on the occasion of the visit of His Majesty Sultan Haitham bin Tariq the Great, may God protect and preserve him, to the Republic of Singapore, as follows: In response to the kind invitation of His Excellency President Tharman Shanmugaratnam, President of the Republic of Singapore, His Majesty Sultan Haitham bin Tariq the Great, the Sultan of Oman, made a state visit to Singapore from December 13 to 15, 2023, accompanied by a high-level delegation.

This visit represents an important shift in the Omani-Singaporean relations, which are rooted in friendship and mutual cooperation. During this historic visit, His Majesty the Sultan met with His Excellency President Tharman and His Excellency Prime Minister Lee Hsien Loong, during which the multifaceted partnership between the two countries was reviewed, regional and international issues were discussed, and the shared commitment to progress and stability was emphasized.

The discussions included ways to concretely strengthen bilateral relations, especially in the economic and technological fields. Both countries recognized the importance of technology in boosting the economy and innovation, including developments in artificial intelligence and information systems.

The two countries agreed to enhance trade and economic cooperation in several areas, such as fish farming, food security, transportation and logistics, and to develop connectivity between startups and small and medium-sized companies with global markets.

They stressed the importance of cooperation to develop and diversify intra-regional trade by benefiting from and developing the Free Trade Agreement between the Gulf Cooperation Council and Singapore (GSFTA).

In the sectors of education, healthcare, tourism, aquaculture, blue economy, water management and technology, the two countries committed to enhancing, sharing and developing their expertise and innovations.

The two sides stressed the importance of the transition to a green economy and agreed to discuss cooperation in initiatives to promote renewable energy sources, low-carbon hydrogen, and decarbonization, affirming their shared commitment to environmental sustainability and confronting climate change.

They also stressed the desire to resolve regional and international disputes peacefully, and called on the Sultanate of Oman and Singapore to engage in dialogue, negotiation, and commitment to international law and the rules-based global order to promote justice, freedom, and human dignity without bias.

The Sultanate of Oman and Singapore expressed their strong commitment to promoting tolerance and peaceful coexistence, rejecting all forms of extremism, and committing to supporting a safer and more inclusive world that respects diversity and promotes mutual respect between different cultures and societies.

The visit concluded with the signing of two memorandums of understanding in the fields of culture and youth between the Ministry of Culture, Sports and Youth in the Sultanate of Oman and the Ministry of Culture, Community and Youth of Singapore, and in the field of economic development between the Ministry of Trade, Industry and Investment Promotion in the Sultanate of Oman and the Singapore Cooperation Corporation. These two memorandums will encourage greater exchange between the peoples of the two countries and strengthen bilateral relations in general.

The two countries look forward to the second meeting of the Omani-Singapore Strategic Dialogue to be held in the Sultanate of Oman at a time that suits them.

His Majesty the Sultan expressed his sincere thanks for the hospitality he received in Singapore.

His Majesty extended an invitation to His Excellency President Tharman and Prime Minister Lee to visit the Sultanate of Oman, reflecting the strong ties and close partnership.