Oman and Turkey need better tourism cooperation and a Free Trade Agreement (FTA) to bolster trade ties, according to a top Turkish official.

On a trade tour of Oman, Mehmet Simsek, the deputy Prime Minister of Turkey said that Oman and Turkey have huge untapped potential for bilateral trade, especially tourism. 

“I call for a Free Trade Agreement between GCC (Gulf Cooperation Council) and Turkey. This is my recommendation. Once we get this there will be a defined set of easy regulations that both Oman and Turkish companies can make use of and increase bilateral trade. There is such huge untapped potential in the tourism sector. Turkey has grown from negligible tourism revenue to $41 million in a decade and a half and this is what we can help Oman do. I encourage Turkish companies to look at Oman’s tourism industry as it has huge untapped potential,” he told the Times of Oman.

Bilateral trade between Oman and Turkey grew 10-fold to nearly $300 million in the past decade, but Simsek said this is insignificant considering the prospect that is available.

“If we were to see the trade that exists and the potential untapped, there is a massive gap. If we are able to sign a FTA with GCC, this figure can shoot up another 10 times over the next decade. It may look optimistic, but after my meeting with businessmen and government officials here, I am confident this can happen,” he added.

Simsek was speaking at event to mark the signing of a Memorandum of Understanding (MoU) between Oman and Turkey that would enhance trade ties between the two countries. The MoU also recommended a prospect of a Turkish Park in the Special Economic Zone of Duqm (SEZAD). “The idea of Duqm and other special economic zones is excellent. We certainly see a future there. However, we invite SEZAD officials to Turkey and talk to the Turkish private companies about it. This, along with an FTA, will surely bring a lot of companies from Turkey to Oman,” he explained.

According to Simsek, Turkey plans to work with Oman mainly in tourism, healthcare, logistics, agriculture, fisheries and mining among others, nearly all of which are presented in Tanfeedh, Oman’s national plan for economic diversification.

“Turkish companies have excelled in tourism, healthcare, logistics and a sizable delegation that came along with me today is also looking to provide their expertise. There is so much of knowledge sharing that the two countries can have. I encourage both sides to look at these sectors and build on them,” Simsek said.

Simsek also said there need to have more Turkish banks in the Sultanate to encourage project financing as the Turkish banking sector remains very strong. He also highlighted the idea of re-exports, where both countries can establish a gateway to new markets. “Turkish companies mustn’t look at Oman as a $4 million market. Oman can be a gateway to massive markets in Asia and Africa, while Turkey can be Oman’s door to the European and Balkan states.”

Source: Timesofoman