Muscat – Judith D. Pryor, Senior Vice President and Vice Chair of the Board of Directors at the US Export-Import Bank, described the agreement as a pivotal step in strengthening bilateral relations between the Sultanate of Oman and the United States, which have spanned over 230 years.

She stated that the Memorandum outlines a partnership worth $500 million, encompassing various sectors, including wireless communications, biotechnology, agriculture, and manufacturing. She emphasized the Export-Import Bank’s commitment to providing financial support to Omani companies, particularly small and medium enterprises, to facilitate their access to the US market.

During a press briefing, Pryor highlighted that the memorandum represents a fresh chapter in economic and trade cooperation between Oman and the United States, building on the foundation established by the Free Trade Agreement that took effect in early 2009. This agreement has significantly strengthened investment relations between the two nations.

She noted that the memorandum will serve private sector institutions in Oman by offering diverse financing tools to help these companies expand and create job opportunities, thereby contributing to the development of the Omani economy.

The cooperation agreement aims to enhance economic collaboration in areas related to financing trade, goods, and services. It focuses on providing financial facilities for establishing projects in several industrial sectors, including wireless communications equipment, particularly fifth-generation networks, biotechnology, renewable energy, agriculture, water and wastewater treatment, mining, and manufacturing.

Pryor’s visit to Oman included meetings with various officials from the economic, commercial, and banking sectors. These discussions centred on enhancing existing cooperation, exploring new partnerships, and examining opportunities for Omani companies to establish or expand manufacturing facilities in the United States.

This partnership is expected to pave the way for increased economic activity and investment opportunities, reinforcing the strategic ties between Oman and the US.