Bilateral and multilateral ties involving Oman and Russia are progressing well, according to a statement made by the Omani Minister of Economy, Dr Said bin Mohammed al Saqri, during the 15th Russia-Islamic World Forum held in Kazan, Russia.
Taking part in a panel discussion addressing financial and logistics infrastructure of Russia and OIC countries, the Minister shared that there is a strong emphasis on enhancing investment ties between the two nations.
A report on the Russia-Islamic World Forum, which concluded on May 19, 2024, quoted Dr Al Saqri as saying that established frameworks, including agreements promoting and safeguarding investments, play a significant role in fostering these ties.
Additionally, the Minister also highlighted the role of transportation corridors in boosting cooperation and enhancing investment, notably the International North-South Corridor – a multi-modal network launched in 2000 connecting India, Iran, Russia and other countries in Central Asia and Europe.
According to Dr Al Saqri, Organisation of Islamic Cooperation (OIC) member countries are already well endowed with strong logistics infrastructure. “For the past 50 years, OIC member countries have significantly invested in infrastructure, including ports and seaports within the logistics sector,” he noted.
However, he argued that nations must now align their legislations with future plans to capitalise on future partnerships.
“The necessary foundations for this cooperation have already been laid. We must continue to act and align our legislation with these plans to fully realise the potential of our partnerships,” The Omani delegation to the six-day forum also included the Agriculture Under-Secretary of the Ministry of Agriculture and Fisheries and Water Resources, and the Deputy CEO of the Oman Investment Authority for Investment Affairs, in addition to other government officials and industry experts.
Oman Observer