File photo of Qatar and Oman signing a MoU on food production, marketing, joint investment and export of Omani products to Qatar.
DOHA: Trade relations between Qatar and Oman have jumped sharply. The non-oil exports of Oman to Qatar have risen by around 144 percent to Omani Riyals (OMR) 132.8m in the first nine months of 2017, showing boost in trade relations between the two brotherly countries.
According to the National Centre for Statistics and Information (NCSI), the re-exports from to Qatar also jumped by 1,219.2 percent to OMR192.6m during the January-September period of 2017, compared to OMR14.6m for the same period last year, reported an Oman based newspaper.
A report released by Qatar Chamber yesterday stated that Oman was Qatar’s top non-oil exports destination in December 2017, accounting for QR454.8m or 34.9 percent of the total exports.
According to Qatar Chamber, the volume of trade exchange between Qatar and Oman in 2016 was about QR2bn.
Bilateral trade between the two countries is expected to grow exponentially in the coming years. Oman is the 25th largest trading partner of Qatar.
The Qatari market has 350 joint Omani-Qatari companies engaged in contracting, engineering, services and industry. Omani product were traded in Doha previously, but over the last three months trade relations between the two sides witnessed sharp growth. Qatar and Oman have signed a number of agreements and MoUs to enhance bilateral cooperation.
This week both countries signed an MoU in Muscat on food production, marketing, joint investment and export of Omani products to Qatar.
Qatar’s Minister of Municipality and Environment H E Mohamed bin Abdullah Al Rumaihi and Oman’s Minister of Agriculture and Fisheries H E Dr Fuad bin Jaafar Al Sagwani inked the MoU.
Both countries are also holding events to promote bilateral trade.
Last year in September, Over 100 participants attended the second edition of the Omani Products Exhibition (OPEX) in Doha. The entrepreneurs from both side explored ways to establish partnerships.
