Egypt, Oman strengthen economic ties with double taxation, financial cooperation agreements

The MoU on financial policies seeks to reduce the repercussions of external shocks on social groups and activities most affected by successive global crises, the Egyptian ministry of finance said in a statement.
The signed deals contribute to strengthening economic relations and tax cooperation between the two countries in order to make optimal use of the available development opportunities and boost joint investments, the ministry added.

“We look forward to a strong push to the economic, commercial and investment relations in line with the aspirations of the two peoples,” Minister of Finance Mohamed Maait said during the Omani-Egyptian Business Council held in Egypt Monday.

Trade exchange between Egypt and Oman increased by 80.8 percent in 2022 compared to the previous year, Maait said, adding that Egypt seeks to boost Omani investments in Egypt.

Maait stressed the necessity of promoting Arab cooperation and integration in order to enhance the Arab states’ ability to contain sharp international fluctuations.

During the council, Egyptian Minister of Trade and Industry Ahmed Samir said the volume of trade exchange between Egypt and Oman has increased to $1.08 billion in 2022 compared to $651 million in the previous year.

Omani investments in Egypt have totaled $80.5 million in 110 projects in the fields of industry; agriculture; tourism; services; construction; financing; communications, and information technology, Samir said.

Meanwhile, Egyptian investments in Oman have amounted to $860 million in 142 projects in the fields of road construction, infrastructure, sanitation, real estate, and tourism, Samir added.

The trade minister called for the Omani business community to invest in the megaprojects implemented in Egypt, which offer promising investment opportunities in various fields, including clean energy.

He also shed light on the investment opportunities available in the Suez Canal Economic Zone.

The Egyptian state looks forward to boosting trade and joint investments between Cairo and Muscat in a manner that reflects the historic bonds between the two countries through the activation of their bilateral and multilateral agreements.

Oman’s ambassador to Egypt Abdullah bin Nasser Al-Rahbi said on Saturday that Sultan bin Tarik’s visit to Egypt will witness the signing of six MoUs for cooperation with Egypt in education, the judiciary, archives, heritage, transportation, aviation, and taxation.

In a meeting in Cairo on Sunday, Egyptian President Abdel-Fattah El-Sisi and bin Tarik stressed their keenness to continue enhancing the ongoing efforts between the Egyptian and Omani governments in light of the continuous growth of trade exchange between the two sides.