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Sultanate-Britain ties to bolster investment

MUSCAT

The economic agreements and partnerships between Sultanate of Oman and Britain reflect the keenness of the British government to boost trade and economic ties with the Sultanate, according to Tobias Ellwood, UK State Secretary for Middle East and Africa.

“It also reflects the confidence of the British companies on the investment environment in the Sultanate,” Ellwood, also Head of the British team in the Omani-British Joint Action Group, said.

Britain leads foreign investment in the Sultanate through $7.7 billion worth investments, he said.

Ellwood commended the efforts of Sultanate under the wise leadership of His Majesty Sultan Qaboos Bin Said in containing crises in the region in a bid to maintain security and stability.

He expressed gratitude and appreciation of the British government for the Sultanate’s sincere efforts in this regard.

He spoke on the Khazan Project, worth 16 billion rials and signed between BP and the Sultanate’s Government and the British Babcock International Group and Oman Dry Dock Company.

The Omani-British Joint Action Group, which meets once every six months to highlight cooperation between the two sides, helps to enhance the economies.

As for the electronic visa waiver (EVW), he explained that the second phase of EVW is in progress as the Joint Action Group touched on obstacles facing the Omanis while applying for the EVW.

As far as Brexit is concerned, Ellwood pointed out that this step is an opportunity for the UK to reconsider its relations with European Union countries.

“It is also an opportunity to strike more deals with the strategic partners and allies,” he added.

The Omani-British Joint Working Group was formed as per the Memorandum of Understanding (MoU) signed between the two countries during the visit of Queen Elizabeth II of the Great Britain and Northern Ireland to the Sultanate in November 2010.

The group contributes in enhancing and promoting the relations between the two countries, as well as opening new horizons for cooperation in the fields of education and training, in addition to the trade cooperation in the Small and Medium Enterprises (SMEs).

Oman News Agency

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