Oman-US Sign MoU to Promote Economic Cooperation

Muscat: The Sultanate of Oman, represented by the Ministry of Finance today signed a memorandum of understanding (MoU) with the Export-Import Bank of the United States (EXIM). The MoU was signed on the sidelines of the 1st Oman-US Strategic Dialogue between the two countries.

The MoU aims to explore options for utilizing EXIM financing and to promote trade and investment in strategic sectors of Oman’s economy, ranging from renewable energy to manufacturing.

The MoU was signed by Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance, and Reta Jo Lewis, President and Chair of the Board of Directors of the Export-Import Bank of the United States (EXIM).

The Undersecretary of the Ministry of Finance affirmed that the memorandum will promote trade and investment cooperation between the Sultanate of Oman and the United States of America (USA). He added that the volume of trade between the two countries rose to USD 4.2 billion during 2022, in addition to a remarkable progress and growth over the past years in various fields of cooperation between the two sides.

The memorandum also aims to provide financial facilities for establishing projects in the industrial sector in various fields, including wireless communication equipment; 5G network, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining and manufacturing.

The memorandum also included a preliminary plan for joint action between the government of the Sultanate of Oman and EXIM to explore options for using financing, such as loans, guarantees and insurance to finance US exports. – ONA