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Oman can become gateway to Persian Gulf market for Russian business

According to Maxim Reshetnikov, Russia has proven its resilience to all challenges in recent years

ST. PETERSBURG, June 6. /TASS/. Russia sees Oman as a promising partner and a gateway to the Persian Gulf market, which is estimated to be worth $2 trillion, Russian Economic Development Minister Maxim Reshetnikov said during the Russia-Oman Business Dialogue at the St. Petersburg International Economic Forum (SPIEF).

"We see how confidently Oman is developing, how much both its economy and the well-being of its people are growing, as well as requests for foreign trade contacts, joint projects and investments. Moreover, we see that Oman is a wonderful entry point into the Persian Gulf market, which is estimated to be more than $2 trillion, which means that it is a large, growing, and one of the key markets," Reshetnikov said.

According to him, Russia has proven its resilience to all challenges in recent years. "We have actually strengthened our economy and reached the fourth place in terms of purchasing power parity," the minister noted.

"Last year, mutual trade turnover reached a 10-year high, but we also recognize that this is not the full potential. Russia is ready to increase supplies of agricultural products, especially grain and livestock, we have experience in this area. We are ready to develop production cooperation and joint investment projects, including those with localization in Russia focused on the Omani and Persian Gulf markets, as well as production in Oman focused on the Russian market," Reshetnikov added.

President of the Oman Chamber of Commerce and Industry Faisal Abdullah Al Rawas told TASS earlier that the participation of the Omani delegation as the guest of honor at the SPIEF is important for the country as it is interested in developing relations with Russia. "We are looking forward for an opportunity to present our investment capabilities and have a desire to become familiar with Russian products and branches of industry that may appear on the market in the region over time," Al Rawas said.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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