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UAE, Oman Discuss Cooperation in Industrial Sector

UAE, Oman Discuss Cooperation in Industrial Sector

Tuesday, 19 October, 2021 - 08:00
Part of the Emirati-Omani meeting in Muscat (Asharq Al-Awsat Arabic)

UAE and Oman discussed the importance of cooperation and investment in the industrial sector, advanced technology and quality infrastructure.

This came during the meeting held in Oman between the visiting Emirati delegation, led by Minister of Industry and Advanced Technology (MoIAT) Dr. Sultan Ahmed Al Jaber, and Oman's Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef.

Jaber said the continued strength of the bilateral relations between the countries is a source of encouragement and pride, adding that he is looking forward to further enhancing cooperation in the areas of industry and advanced technology.

“Thanks to the vision and directives of our wise leadership, the UAE is moving rapidly to develop the industrial and advanced technology sectors in the country, investing in research and development and integrating 4IR concepts to achieve the key goals of boosting the national economy and achieving sustainable development,” he added.

For his part, Yousef underscored the importance of developing bilateral relations with the UAE, particularly in industrial sectors.

He pointed out that the visit of the Emirati delegation to the Sultanate reflects a determination in both countries to exchange views on expanding private-sector partnerships, investment opportunities and trade volumes between the UAE and Oman.

The Sultanate of Oman is among the top 10 trading partners of the UAE. The trade exchange volume between 2017 and 2020 totaled AED172 billion ($46.8 billion), which represents about 2.7 percent of UAE’s total foreign trade during this period, with a compound annual growth rate of about 5.7 percent – an average of AED43 billion per annum.

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