MUSCAT: The bilateral trade relations between Oman and Russia have been showing great growth trajectory and will grow in the coming years, says Aleksey Valkov, Deputy Director of the Roscongress Foundation, a socially oriented non-financial development institution and a major organiser of international conventions, exhibitions, business, social, sports and cultural events.

In an exclusive interview with the Observer on the sidelines of the Oman-Russia Business Forum, Aleksey said that there has been great interest for mutual business between the two. “For next year, we have signed with OCCI an agreement on the cooperation between the two. This is very important and we should say that this Forum is the result of the MoU signed between the two. We had a meeting with the head of the OCCI where we discussed many topics including setting up of the business mission and organising different business events and forums between us”, Aleksey, who is also the Director of the St Petersburg International Economic Forum, said.

“The Forum marks a milestone in Russia–Oman relations, commemorating 40 years of diplomatic partnership and exploring new opportunities for bilateral trade, investment; and technological cooperation and Forums like this can contribute to initiatives to develop mutual relations as this platform is ideal for people who make decisions and to take next steps to develop future course of action”.

Oman and Russia have strengthened their bilateral trade relations, with a 62.3 per cent increase in trade volume between 2020 and 2024, reaching approximately $340 million by the end of 2024. This growth is supported by increased Russian investment in Oman and a focus on key sectors like energy, logistics and food security, facilitated by recent agreements and a new joint economic committee.

The main areas of cooperation between Oman and Russia include energy, logistics, infrastructure, agriculture, food security, culture and tourism. Russia and Oman are considering joint projects for oil and gas exploration, port modernisation and transport logistics, as well as the production and supply of food items and agricultural products. In tourism, there has been a growing interest among Russian travellers in Oman and correspondingly, the appeal of Russia as a tourist destination for Omanis.

Oman was a special guest at the 2024 edition of the St Petersburg economic Forum on the 40th year of the establishment of diplomatic relations and that was termed as a significant step in continuing and boosting bilateral relations.

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