A statement issued by the Ministry of Commerce and Industry

Newspaper Title: Egypt Cainet

Newspaper Number:

Monday - 22 May 2023

"In the presence of a large number of officials and representatives of business networks in Egypt and Oman, the Minister of Commerce and Industry inaugurates the activities of the Egyptian-Omani Business Forum. Mr. Ahmed Samir stated that there are strategic bilateral relations between the two countries, and that the business communities in Egypt and Oman play a key role in advancing the system of common economic cooperation. There was a 66% increase in the rates of trade exchange between the two countries last year."

Engineer Ahmed Samir, the Minister of Commerce and Industry, affirmed that Egypt and Oman have strategic bilateral relations based on historical dimensions and the depth of the common relations between the two sister countries. These relations are also based on mutual respect, appreciation, and a shared vision regarding various regional and global issues. He pointed out the important role of the business communities in both countries in elevating the system of common economic cooperation to distinguished levels that serve the interests of both sister nations and their economies, the Egyptian and Omani alike.

This statement was made by the Minister during the opening of the Egyptian-Omani Business Forum, which took place in Cairo during the visit of the Sultan Haitham bin Tariq of Oman to Cairo. The event was attended by several officials, including Qais bin Mohammed Al Yousef, the Minister of Commerce and Industry and Investment Promotion of Oman, Dr. Mohamed Maait, the Minister of Finance, Dr. Hala El Said, the Minister of Planning and Economic Development, and Sultan bin Salem Al Habsi, the Omani Minister of Finance. Also in attendance were several representatives of business circles from both countries, such as Mohamed El-Masry, the First Deputy of the Federation of Egyptian Chambers of Commerce, Ali Issa, the Chairman of the Board of the Egyptian Businessmen's Association, and Abdulsalam bin Mohammed Al Murshidi, the Chairman of the Omani Investment Authority. The Minister stated that the Egyptian government looks forward to enhancing bilateral trade and joint investments between Cairo and Muscat to reflect the historical ties between the two countries through activating bilateral and multilateral agreements between Egypt and Oman.

The Minister made these remarks during his speech at the opening of the Egyptian-Omani Business Forum, which was held in Cairo as part of the visit of Oman Sultan Haitham bin Tariq to Cairo. The event was attended by several officials, including Qais bin Mohammed Al Yousef, the Minister of Commerce and Industry and Investment Promotion of Oman, Dr. Mohamed Maait, the Minister of Finance, Dr. Hala El Said, the Minister of Planning and Economic Development, Sultan bin Salem Al Habsi, the Omani Minister of Finance, and Abdullah Al-Rahbi, the Omani Ambassador to Cairo. Other attendees included Mohamed El-Masry, the First Deputy of the Federation of Egyptian Chambers of Commerce, Ali Issa, the Chairman of the Board of the Egyptian Businessmen's Association, Abdulsalam bin Mohammed Al Murshidi, the Chairman of the Omani Investment Authority, Hussam Hibah, the Chairman of the General Authority for Investment and Free Zones, Yahya El-Wasik,  Belallah, the Commercial Counselor and Head of Commercial Service, and Ahmed El-Wakil, the Chairman of the Alexandria Chamber of Commerce, in addition to a large number of representatives from business communities in both countries. The Minister stated that the Egyptian government aims to elevate the rates of bilateral trade and joint investments between Cairo and Muscat to reflect the historical ties between the two countries through activating bilateral and multilateral agreements between Egypt and Oman.

Samir pointed out that the future work mechanisms between Egypt and Oman include stimulating investment in a way that achieves more benefits for the two sisterly peoples, especially given the political leadership and the Egyptian government's keenness to expand the participation of the local and foreign private sector in the national economy system, and to benefit from the great investment potentials enjoyed by the Egyptian market, which contributes to attracting Omani investors, particularly the favorable business environment and Egypt's distinguished geographical location that makes it a gateway to access the African continent.

The Minister reviewed the most important facilities and facilitations provided by the government to improve the business environment and climate in the Egyptian market, which include issuing the Golden License, granted within the framework of the Investment Incentives Law and issued through the Cabinet, for projects operating that are considered crucial to the Egyptian state, regardless of whether they are local or international. The Ministry also provided facilities for obtaining industrial lands, including financial and documentary facilities. Additionally, Committee No. 2067 was formed by a decision of the Prime Minister, and is responsible for taking the necessary actions for the immediate allocation of industrial lands attached to the ownership and usufruct systems.

Samir also noted that the crises that the world is currently going through and its negative economic repercussions on growth and production levels confirm the necessity of achieving integration among sisterly Arab countries and activating the role of the private sector as a key partner in implementing sustainable development plans and achieving prosperity for the peoples of the Arab region.

The Minister emphasized that bilateral trade between Egypt and Oman is witnessing a significant momentum during the current stage, increasing year after year. He pointed out that the volume of trade exchange between the two countries reached about $1.08 billion in 2022, compared to $651 million in 2021, achieving an increase of about 66%.

Samir clarified that Omani investments in Egypt reach about $80.5 million in 110 projects in the industrial, agricultural, tourism, services, construction, finance, communications, and information technology sectors. He also noted that Egyptian investments in Oman amount to about $860 million in 142 projects in the fields of road construction, infrastructure, sewage, real estate investment, and tourism.

The minister affirmed that the investment climate in Egypt has witnessed many institutional reforms in recent times aimed at facilitating and simplifying procedures for investors. This has contributed to achieving positive results in the establishment of companies in terms of time, cost, and start-up procedures.

In parallel, a package of legislation has been enacted to create an attractive environment for local and foreign investment, including tax laws, investment laws, private sector participation in infrastructure, services, and public facilities, the new labor law, as well as the launch of an additional package of incentives for investing in green economy projects in line with the state's direction in this regard.

Samir called on the Omani business community to invest in the large projects being carried out in Egypt, which offer promising investment opportunities in various fields and sectors, in addition to the investment opportunities available in the Suez Canal Economic Zone and in the field of clean energy in Egypt.

During his participation in the dialogue session, the minister pointed out the possibility of maximizing the benefit from the accumulated rules of origin between the two countries, as well as the use of the Egyptian market as a gateway for Omani products to African markets, and the use of the Omani market as a hub for Egyptian exports to the Gulf markets.

The minister also directed the business circles and organizations in both countries to activate the system of reciprocal visits, and highlighted the important role of the joint committees formed between the ministries of trade and industry in both countries in exchanging experiences and visits to promote joint trade and industrial cooperation. He also emphasized the readiness of both governments to provide all forms of support to the private sector in Egypt and Oman to establish more joint projects.

For his part, the Minister of Commerce, Industry, and Investment Promotion of Oman, Mr. Qais bin Mohammed Al-Yousef, affirmed his country's keenness to support the ties of common economic cooperation with Egypt, which will benefit both brotherly peoples and achieve their mutual interests. He also stressed the importance of enhancing joint efforts to build a trade and investment partnership between the two countries and to take advantage of the economic potential and components of the Omani and Egyptian economies.

The Egyptian and Omani ministers of trade and industry recently held talks during the Egyptian-Omani Business Forum to discuss ways to enhance trade, industrial, and investment cooperation between the two countries. The Egyptian minister highlighted the recent institutional reforms aimed at simplifying procedures for investors and creating an attractive investment environment, and invited Omani businesses to invest in large projects in Egypt, particularly in the Suez Canal Economic Zone and clean energy industry.

The Omani minister, in turn, emphasized the investment incentives available in Oman, including tax exemptions and residency opportunities for investors and their families. He also mentioned Oman's potential in the industrial, food security, mining, and petrochemical sectors, and called for joint efforts to facilitate trade and achieve industrial integration between the two countries.

The ministers discussed maximizing the benefits of the accumulated rules of origin between Egypt and Oman, and using each other's markets as gateways to other regions, such as African markets and Gulf markets. They also suggested reciprocal visits by business circles and organizations, and the formation of joint committees to exchange experiences and promote trade and industrial cooperation.

Overall, the talks aimed to strengthen economic ties between Egypt and Oman and to mitigate the negative impacts of global economic crises.

Source : Egypt Cabinet

Translated by Rehab Taha

Cairo Chamber