Oman, host to a fast growing free port in the world and a key gateway to Gulf Cooperation Council (GCC), has proposed a Joint Commission with Sri Lanka to advance present bilateral trade to new levels.
During his meeting with the Sri Lankan Ministerial delegation on 6 May in Oman, the Omani Commerce and Industry Minister Ali Bin Masoud Al Sunaid proposed an Oman-Sri Lanka Joint Commission could boost bilateral trade beyond current volumes.
Omani Minister Al Sunaid was meeting Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickreme, Highways Minister Kabir Hashim and Minister of industry and Commerce Rishad Bathiudeen in Oman on 6 May.
Sri Lankan Ministerial delegation to Oman is a follow-up to the Colombo meetings of Oman's Minister of Oil and Gas Dr Mohammed bin Hamad Al Ruhmy in late March 2019. It was also agreed that the Joint Commission is to be headed by Ministers at both sides.
At present, total annual two-way trade between Oman and Sri Lanka averages around US $250 Mn. Around 85% are imports from Oman, consisting of petroleum products, light oils, polymers/plastics, and aluminums. Among Sri Lanka’s key exports to Oman are desiccated coconut, tea, fresh fruits, vegetables, nuts and seeds.
it has been agreed to speed up the finalising of mutual Agreement on Promotion and Protection of Investment between both countries.
As part of Oman Oil Refineries and Petroleum Industries Company’s (ORPIC) downstream output presentations, the Lankan Ministerial delegation was also given a tour of the plastic manufacturing sub-zone of Oman’s Sohar Free Port and Free Zone on 5 May. Sohar is Oman’s joint venture with the Port of Rotterdam and this is one of the fastest developing port cum economic zones anywhere in the world. Sohar zone is more than 11000 acres (4500 hectares).