The UK government is set to increase export finance by £1billion to support trade between British companies and the Sultanate of Oman.
The news was announced following a high level trade visit to the Sultanate by UK Secretary of State for International Trade Liam Fox who is presently working to enhance open trade with countries outside the EU.
This visit was the first of a UK Cabinet Minister to the Sultanate after the UK government triggered article 50 of the Lisbon Treaty on March 29 - providing official legal notification that the UK is leaving the European Union.
Mr Fox said the UK government is increasing funding available from UK export finance to support trade with Oman from £2 billion to £3 billion.
With recent sharp declines in oil prices it is hoped the cash injection will stimulate further growth in other fields of trade and investment.
The Sultanate has a number of promising sectors, which have the potential to contribute to the national economy, such as ports, fisheries, mining and logistics.
Fox called upon the UK business community to visit the Sultanate and explore the available investment opportunities in all areas, particularly in the economic zone of Duqm.
As for the Khazan Project, which is worth $16 billion, signed between BP and the Sultanate, he affirmed that this partnership will benefit both sides as BP seeks to increase the Sultanate’s gas reserves.
Oman Air is further launching direct flights from Muscat to Manchester starting from May 1. This route will play a vital role in increasing the volume of trade exchange between the two countries, and facilitate the movement of businessmen and tourists between both sides.
During his visit Mr Fox also met Oman Minister Responsible for Financial Affairs HE Darwish Bin Isma’eel Al Bulushi, Minister of Commerce and Industry HE Dr Ali Bin Masoud Al Sunaidy, and Minister of Oil and Gas HE Dr Mohammed Bin Hamad Al Rumhy.