‘Food security, agriculture, the blue economy and renewable energy remain the most immediate areas for investment, while technology and data centers also offer strong growth potential.’
OMANI Foreign Minister Sayyid Badr Hamad Al Busaidi said that aside from various industries, Oman is eyeing to have a a broader economic partnership or free trade agreement with the Philippines.
PHOTOGRAPH by VA ANGELES for DAILY TRIBUNE
Oman is looking to expand investment partnerships with the Philippines, identifying food security, agriculture, the blue economy, renewable energy and technology as priority sectors for future cooperation.
Speaking on the sidelines of the Third Oman–Philippines Forum: Strategic Majlis on Sunday, Omani Foreign Minister Sayyid Badr Hamad Al Busaidi said the two countries’ longstanding diplomatic and people-to-people ties have created opportunities to broaden cooperation beyond traditional sectors.
Potential areas of cooperation include tourism, mining, logistics, transportation, aviation and renewable energy, while emerging industries such as data centers and information technology are also drawing interest.
“From that stems many different avenues for collaboration, for investments, tourism, mining, agriculture, food security, logistics, transportation and aviation. And now we are even exploring the possibility of renewable energy and how we can really benefit each other in that sphere,” he said.
Al Busaidi described Oman as a strategic gateway to markets across the Arabian Peninsula, East Africa, the Indian subcontinent and Central Asia, saying stronger links with the Philippines could improve supply chain resilience amid geopolitical and environmental challenges.
Food security, agriculture, the blue economy and renewable energy remain the most immediate areas for investment, while technology and data centers also offer strong growth potential, Al Busaidi said.
“I think the ripest or the low-hanging fruit is probably, it’s got to be in the food security, agriculture, blue economy and also in the renewable sector of energy and energy transformation.”
More agreements eyed
The two countries are also working toward investment promotion and protection and double taxation agreements, which are expected to encourage cross-border investments and facilitate business activities.
Al Busaidi said Oman is also open to exploring a broader economic partnership or free trade agreement with the Philippines.
The Omani foreign minister likewise credited the Filipino workforce in Oman for helping strengthen business confidence, saying their strong track record has reinforced bilateral ties and could encourage more investments.
Oman is expected to host the fourth Oman–Philippines business forum in Muscat, tentatively scheduled for November this year.
A strategic gateway
For her part, Foreign Affairs Secretary Tess Lazaro, during her speech at the said forum, noted that Oman serves as a stable strategic gateway to the Gulf Cooperation Council (GCC) and the broader Middle Eastern market.
Concurrently, the Philippines, situated in the heart of the Indo-Pacific, offers direct access to the 680 million-strong ASEAN single market.
“By strengthening our maritime links, air connectivity, and logistics integration, we can establish direct economic corridors connecting the GCC and Southeast Asia, positioning our respective countries as primary trade and distribution hubs for both regions,” she said.
Total bilateral trade expanded fivefold
To sustain the upward trajectory in bilateral trade, Lazaro said both governments are currently strengthening their bilateral regulatory framework.
“The progress of key agreements such as the Investment Protection and Promotion Agreement and the avoidance of double taxation agreement, which we call DPA, will promote investor confidence, transparency, and legal protection for cross-border investments. We also encourage both sides to capitalize on expanding avenues for cooperation,” she said.
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