Oman and Russia Forge Stronger Economic Ties with Key Agreements
Muscat, The Gulf Observer: Oman and the Russian Federation have made significant strides in enhancing their economic ties, marked by the signing of multiple agreements and memorandums of understanding (MOUs) during the state visit of His Majesty Sultan Haitham bin Tarik to Russia on April 21-22, 2025. These agreements span various sectors, aimed at reinforcing bilateral cooperation and advancing shared economic interests.
Key agreements signed include an economic and technical cooperation protocol, a mutual visa exemption agreement, and a joint economic committee project. Additionally, several MOUs were concluded in critical areas such as transport and transit, combating money laundering and terrorism financing, fisheries cooperation, and enhancing institutional frameworks to create platforms for the private sector to access investment opportunities in both countries.
His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, emphasized the importance of leveraging Oman and Russia’s historical ties to build robust economic, trade, and investment partnerships. Al Yousef highlighted the visit’s alignment with Oman Vision 2040, focusing on enhancing bilateral relations, integrating economies, and exploring new avenues for cooperation, including digital transformation and green economy initiatives.
He reaffirmed Oman’s commitment to fostering an attractive and secure investment environment that promotes entrepreneurship and trade exchange while achieving balanced economic growth. Al Yousef expressed optimism that the state visit would mark the beginning of a new chapter of close cooperation, positioning Oman as a promising investment hub and reliable international partner.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, underscored the significance of the MOU signed between the Chamber and Russia’s Roscongress Foundation. This agreement paves the way for greater trade relations between the public and private sectors of both nations, expanding the scope of their partnership and opening new opportunities for cooperation in trade, investment, and joint ventures.
The MOU is expected to facilitate the exchange of expertise and joint activities, enhancing trade relations and attracting mutual investments. Al Rawas highlighted that the agreement would accelerate economic collaboration in various sectors, including trade exchange, knowledge-sharing, and investment projects.
A standout development from the visit is the mutual visa exemption agreement, which is poised to boost tourism between Oman and Russia. Haitham bin Mohammed Al Ghassani, Director General of Tourism Promotion at the Ministry of Heritage and Tourism, explained that this agreement would simplify travel for Russian tourists, allowing longer stays and greater flexibility without the need for visas. Al Ghassani noted that over 44,000 Russian tourists visited Oman in 2024, and with the new measures in place, the tourism sector is expected to experience a surge in visitors, especially with Oman Air’s new direct flights to Moscow.
These agreements and the overall success of the state visit reflect the growing partnership between Oman and Russia, setting the stage for a new phase of comprehensive economic and trade cooperation.
