MUSCAT: At the 115th session of the Economic and Social Council, the Minister of Economy of the Sultanate of Oman emphasized the importance of strengthening economic and trade relations among Arab nations. He highlighted that deeper integration and cooperation would enhance regional economic stability and foster sustainable growth. The Minister pointed out that trade among Arab countries remains below its potential and urged for comprehensive measures to facilitate intra-regional commerce, remove trade barriers, and create investment-friendly environments. He stressed that closer economic ties would lead to more robust financial systems, job creation, and long-term economic resilience.
The Minister also underscored the necessity of modernizing trade regulations and improving infrastructure to streamline economic activities across the Arab world. He emphasized the role of digital transformation in accelerating trade efficiency and facilitating smoother cross-border transactions. Investment in technology, logistics, and financial systems was identified as a key driver for economic progress. Furthermore, he called on Arab nations to work collaboratively to implement policies that encourage industrialization, enhance competitiveness, and attract foreign investments to strengthen economic diversification efforts.
Addressing the role of multilateral institutions, the Minister called for a unified Arab economic vision that aligns with global economic trends. He advocated for stronger cooperation among Arab financial institutions to support small and medium enterprises (SMEs) and drive innovation. He also stressed the importance of leveraging public-private partnerships to enhance economic resilience and create a more dynamic business environment. By fostering such collaborations, Arab nations could tap into new market opportunities and build a more interconnected and competitive regional economy.
Concluding his remarks, the Minister reaffirmed Oman’s commitment to supporting regional economic initiatives and fostering stronger trade alliances among Arab nations. He urged policymakers to adopt forward-thinking strategies that ensure sustainable economic development and resilience in the face of global challenges. He also reiterated the significance of continuous dialogue, shared economic policies, and knowledge exchange to achieve long-term prosperity. His address reflected Oman’s proactive role in advocating for economic cohesion and progress within the Arab world.
