Omani-Saudi Coordination Committee in Trade, Industry and Economy meets

03/12/2025 05:40 AST

The periodic meeting of the Coordination Committee in the fields of Trade, Industry and Economy, stemming from the Omani-Saudi Coordination Council, held a meeting in Riyadh, Kingdom of Saudi Arabia, to review integration initiatives. Six initiatives have been completed, while 11 other initiatives are set to be finalized in the upcoming period.

The Omani side at the meeting was chaired by Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, while the Saudi side was chaired by Eng. Rakan Wadah Tarabzoni, Deputy Minister of Economy and Planning for International Economic Affairs.

The meeting reviewed the progress made within the initiatives. In the industrial sector, the initiatives recorded significant progress, represented by the completion of the second phase of the industrial integration project. This has enabled reliance on the Omani certificate of origin for Omani products to access the Saudi market, a fundamental step in improving the flow of goods and reducing costs for manufacturers in the Sultanate of Oman.

The future factories initiative has also been completed, alongside the signing of 12 agreements to link supply chains between Omani and Saudi factories. This step enhances opportunities for joint manufacturing and supports expanding added value between the two countries.

Trade cooperation recorded remarkable growth, with the volume of trade exchange exceeding the barrier of $8 billion by the end of 2024, reflecting the strength of relations and growing partnerships between the business communities of the two countries. The economic aspect also witnessed the signing of a memorandum of understanding in the field of protecting competition and preventing monopolistic practices, in addition to holding joint technical workshops that contributed to aligning legislation and exchanging expertise, in support of achieving the goals of "Oman Vision 2040" and Saudi Vision 2030.

Eng. Jassim Saif Al Jadidi, Technical Director at the Office of the Undersecretary for Commerce and Industry, gave a detailed presentation on the executive developments of the initiatives during the year. He explained that the launch of the second phase of industrial integration initiatives in Riyadh last July constituted an important turning point. This phase, he pointed out, included enhancing the integration of industrial capabilities between the two sides and entrenching cooperation in local content and government procurement procedures in accordance with the applicable regulations and systems.

He added that these efforts contributed to enhancing supply chain integration and raising the level of industrial partnership, pointing to the progress made in completing the minutes for verifying proof of origin, which both sides are working to implement. This will support the smooth flow of goods and reduce burdens on manufacturers in the next phase.

Times of Oman