Muscat – President Joao Lourenco of the Republic of Angola will make an official visit to the Sultanate of Oman on Thursday, December 19, 2024. A statement by Diwan of Royal Court said the visit aims to promote joint interests between the two nations in various sectors. The visit reflects both countries’ commitment to expanding bilateral relations and advancing cooperation in a range of areas to benefit their peoples and achieve mutual prosperity.

Scope for economic cooperation

H E Ali Said al Kathiri, Head of the Sultanate of Oman’s mission to the Republic of South Africa, expressed high hopes for this visit, particularly in enhancing economic cooperation and trade. Discussions will explore joint investment opportunities in key sectors such as energy, mining, agriculture and industry. The visit could also lead to signing of agreements or memoranda of understanding aimed at boosting trade exchange and opening new markets.

Energy cooperation will be a focal point, with opportunities for exchanging expertise in oil, gas and renewable energy. Additionally, the visit seeks to foster stronger cultural and educational ties, with potential agreements on education and scholarship exchanges. H E Kathiri emphasised that both nations are focused on enhancing maritime connectivity, which will facilitates trade, improve economic relations and develops sustainable tourism infrastructure. They also aim to share expertise in tourism marketing and collaborate in food manufacturing and heavy industries, with a focus on adding value to natural resources.

Both Oman and Angola are working towards becoming strategic partners in enhancing regional and international trade, leveraging their large ports and logistics facilities.

Trade growth

Trade statistics show that the volume of exchange between Oman and Angola reached approximately RO3.2mn at the end of 2023, a 145.1% increase from RO1.3mn in 2022.

The trade balance in 2023 favoured Oman, with a surplus of about RO1.9mn. Omani exports to Angola amounted to over RO3mn in 2023, marking a 131.9% increase compared

to 2022, largely driven by the start of electrical cable exports.

Trade between the two countries continued to grow in 2024 to approximately RO1.97mn during the first ten months. Omani exports to Angola reached RO1.9mn, while imports amounted to RO69,400.

In terms of Angolan investment in Oman, two companies with Angolan contributions were registered by September 2024, compared to one in 2023. The invested capital grew from RO24,000 in 2023 to RO44,000 by September 2024, an increase of 83.3%. Despite this growth, the number of companies and invested capital remains modest.