Oman, Tanzania Discuss Means to Enhance Economic Cooperation

Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, today received ministers of the Republic of Tanzania and the Government of Zanzibar at 'Invest Oman Lounge'. The meeting aimed to discuss ways to enhance cooperation in the commercial, industrial and investment sectors. The two sides reviewed indicators of the growth of intra-trade and expand commercial exchange and investments. The cooperation between the two sides recently saw an improvement in a manner that reflected in a 23 percent increase in the number of Tanzanian companies registered in the Sultanate of Oman, in addition to a 13.5 percent growth in the volume of investment over the past two years. The meeting also highlighted Oman Vision 2040 and key economic sectors that serve destinations for investment in Oman, namely the sectors of mining, tourism, converting industries, food security and logistics. Then, the two sides exchanged views about the specific sectors targeted in this visit, namely the sectors of inform ation technology, mining and small and medium enterprises. The meeting touched on the positive economic indicators of the Sultanate of Oman. It was observed that public debt-to-GDP ratio dropped from 70% to 35%, and that Oman's credit rating rose to 'Ba1' according to Moody's rating. The meeting was attended by Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry for Investment Promotion, and Pankaj Khimji, Adviser for Foreign Trade and International Cooperation at the Ministry, among other officials. Source: Oman News Agency