MoU Signed Between Oman and Korea for Strengthening Investment Cooperation
Muscat, The Gulf Observer: In a significant stride towards fostering bilateral economic ties, the Ministry of Commerce, Industry and Investment Promotion of the Sultanate of Oman and the Republic of Korea’s Ministry of Trade, Industry and Energy formally sealed a Memorandum of Understanding (MoU) on Tuesday. The ceremony, held at an esteemed location, saw the participation of high-profile dignitaries from both nations.
The MoU, inked by Qais Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion for Oman, and Inkyo Cheong, the Minister of Trade, Industry and Energy for the Republic of Korea, underscores the shared commitment to advancing economic prosperity and sustainability. The agreement reflects a mutual desire to foster collaboration in the critical realm of investment promotion.
The key objectives of the MoU include the commitment to minimizing trade barriers, facilitating customs procedures, and enhancing transparency in trade relations. Furthermore, the agreement aims to establish robust supply chain channels, thereby optimizing economic efficiency and fortifying the commercial bonds between Oman and the Republic of Korea.
The signing ceremony was graced by the presence of esteemed dignitaries, including Dr. Sayyid Ahmed Hilal Al Busaidi, Ambassador of the Sultanate of Oman to the United Arab Emirates, and Sheikh Salim Al Kathiri, Head of Oman Commercial Office in Dubai. Their attendance underscored the significance of this momentous occasion and the commitment of both nations to cultivating a strong and enduring partnership.
In a noteworthy development preceding this MoU signing, the Gulf Cooperation Council (GCC) states had previously initialed the inaugural version of a Free Trade Agreement (FTA) with the Republic of Korea. This landmark agreement is poised to propel economic integration, stimulate commerce, and fortify the trade relations between the participating nations.
The Ministry of Commerce, Industry and Investment Promotion of Oman expresses its sincere optimism regarding the positive outcomes expected from this MoU, anticipating that it will pave the way for a new era of economic collaboration and shared prosperity between the Sultanate of Oman and the Republic of Korea.
