29 Nov. - 5 Dec. 2001
Issue No.562
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Al-Ahram Weekly Online 29 Nov. - 5 Dec. 2001 Issue No.562 |
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| Published in Cairo by AL-AHRAM established in 1875 | Current issue | Previous issue | Site map | ||
Trade gulf
Trade between Egypt and Oman is flourishing. But mostly it is going in one direction. Eman Youssef reports
A flurry of activity has characterised Egyptian-Omani relations of late. An Egyptian business delegation recently visited Oman to improve bilateral trade between the two countries. The Egyptian delegates met counterparts from Oman's business community and officials from the Ministry of Economy and Oman's Chamber of Commerce and Industry. "During these meetings, agreements for promoting investments in the two countries were signed," said Khamis Al- Mesafer, press attaché at the Omani embassy in Cairo.
Egypt also took part recently in the International Forum for Businesswomen held in Muscat.
"International trade accounts for a major part of economic activity in Oman," Ali Al-Sunaidy, under- secretary at the Ministry of Commerce and Industry in Oman, told Al-Ahram Weekly. Egyptian investments in Oman are worth $10 million and are distributed over various contracting projects.
Egypt's exports could find Oman a bountiful market. "The ratio of external trade in goods to gross domestic product is more than 75 per cent," Al-Sunaidy said. This means there is plenty of space for Egyptian exports.
Those exports, which include oranges, pharmaceutical products, tyres, potatoes and books, stood at LE27 million in 2000, a substantial growth from the LE15 million recorded in 1995.
But that figure pales next to the leap in Omani exports to Egypt. Oman mainly re-exports to Egypt, trading such products as cars, digging and exploration equipment and fish. These amounted to LE94 million in 1999, an almost five- fold leap since the LE18 million traded in 1995.
During the trade visit, the Egyptian delegates welcomed an Omani proposal to train Egyptian entrepreneurs. The trainees will be chosen by the Egyptian government and will learn how to start small and medium enterprises in Egypt. The Egyptian- Omani joint committee also discussed a wide range of matters relating to trade and economic cooperation. Agreements for promoting and protecting investments in the two countries were signed.
Also discussed were ways to promote bilateral trade which, according to Amir Al-Abri, chairman of Al-Habahib Trading Company for General Trading and Tourism, could easily be doubled.
Agreements alone will not boost trade, however. One observer remarked, "Businessmen from the two countries must work together to enhance relations." Ali Al- Gahdamy, president of the statistics department at the Oman Chamber of Commerce and Industry, also said that Oman's business people need to be more flexible in their dealings with Egypt.
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