Oman & Singapore Seeking To Maximise Benefits Of Strong Bilateral Relations

Under the leadership of His Majesty Sultan Haitham bin Tarik, Oman continues extending bridges of communication and bolstering friendship and cooperation with several countries across the globe. The country is seeking to enhance ties with Singapore.

His Majesty the Sultan’s upcoming visit to the city-state, as a first country in Southeast Asia to be visited by His Majesty, evidently reflects this drive. In addition, it is also the first state visit hosted by Singaporean President Tharman Shanmugaratnam since getting elected.

Bilateral Trade Between Oman and Singapore

Oman and Singapore seek to maximise the benefit of their close relations, as the initiatives taken by both countries in a number of economic, political and cultural areas reflect their desire to push the joint cooperation towards greater horizons.

Bilateral trade between the two sides constitutes about 3% of the total foreign trade of Oman by the end of 2022. The volume of trade exchange until the end of September 2023 amounted to about OMR576.4 million, as per the National Centre for Statistics and Information.

Until the end of last September, the total Omani exports to Singapore amounted to about OMR521.7 million, and the total imports from Singapore to Oman reached OMR54.6 million.

The most important goods traded between the two countries include oil and gas products, methanol, iron products, perfumes and food products from Oman, and vehicle spare parts, lubricating oils and fuel oils for engines and ships from Singapore.

Diplomatic Relations Between Oman and Singapore

The total number of Singaporean companies registered in the GCC nation by the end of last year amounted to more than 24, amid a total invested capital exceeding OMR 55.8 million. It included several sectors, including construction, tourism, mining and transportation.

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Diplomatic relations between Oman and Singapore got established in February 1985 and have undergone important developments over the past years, including the raising of diplomatic representation from general consulates to embassies during 2023.