ShareBy Majd Othman
KUWAIT: The Ambassador of Oman to Kuwait Dr Saleh Al-Kharousi affirmed the depth of Omani-Kuwaiti relations during a press conference on the occasion of the National Day of the Sultanate of Oman. He said trade exchange between the two countries in 2021 amounted to around 270 million Omani riyals, or nearly $700 million out of a total of 28.5 billion Omani riyals, equivalent to $70 billion in volume of general trade. He said this percentage is small and not commensurate with the available capabilities of the two countries, and work is underway to strengthen it.
The ambassador noted the joint investments between both countries in the energy sector through the Duqm refinery project and the petrochemical plant and oil storage in Ras Markaz, where total investments reached about $8 billion, explaining that the joint committee was established in 2001 and chaired by the foreign ministers of the two countries. They have held eight sessions, with the ninth session to be held soon. Kharousi adding there is a common desire to strengthen relations in food industries, especially with regards to fish and animal wealth and dairy products, as several meetings were held to review the available opportunities.
Kharousi mentioned that the Oman Airports Authority said in a statement on Oct 25 that foreigners residing in GCC countries are allowed to enter Oman if they hold resident visas for all commercial professions without exception. They are also allowed to enter even if they come from a country other than the country that granted the original residence, provided that their residency is valid for a period of not less than three months.
The ambassador stressed that Sultan Haitham bin Tariq pays great importance to strengthening special relations with HH the Amir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, with efforts of the two governments to develop cooperation between the two countries in various fields.
Regarding tourism, Kharousi said that until the end of Aug 2022, 1.8 million tourists visited the sultanate, and tourism revenues amounted to 108 million Omani riyals, representing 2.4 percent of general income. He noted the ministry of commerce and industry and the investment promotion authority in Oman announced a number of investment opportunities in the industrial sector, which were presented to the Kuwaiti side, stressing his country shows great interest in investing in green energy and is one of the leading countries in this field, as it officially launched the Oman Hydrogen Company (Hydrom) on Oct 23.
Kharousi spoke about Oman Vision 2040, which operates through national programs, targets and strategies that represent a clear roadmap and aims for continuous updating of legislation and laws for the development of the governorates according to the principle of decentralization, improving government performance, electronic projects and the digital transformation program. It achieved during the past two years important economic developments, including a high growth rate.
Economic indicators rose to 4.4 percent this year, an improvement in monetary indicators, a surplus in the general budget by 5.5 percent, a decrease in the public debt-to-GDP ratio by 46 percent, and an increase in credit rating indicators to BB according to Fitch, with a stable future outlook. All of these financial indicators occurred despite the effects and negativity left by the pandemic, pointing out that the Omani government benefited from measures to control financial performance and an increase in oil and gas revenues.
