Russia and Oman target trade expansion and tech cooperation during high-level talks

Russia and Oman have stepped up efforts to deepen economic cooperation, with a focus on boosting trade volumes and expanding collaboration in technology-driven sectors, as reported by the official website of the Ministry of Economic Development of the Russian Federation.

During a working visit to Oman, Russia’s Minister of Economic Development Maksim Reshetnikov met with senior Omani officials, including Undersecretary of the Ministry of Economy, Nasser bin Rashid Al Maawali, and Deputy Head of the Oman Vision 2040 Implementation Follow-up Unit, Munzir bin Hilal Al Busaidi, to review current economic ties and identify new growth areas.

The talks highlighted a strong start to bilateral trade in 2026. According to the Russian side, total trade turnover has increased fourfold to US$8.1 million, driven primarily by a sharp rise in exports. Russian shipments grew nearly tenfold, supported by supplies of grain, including wheat and meslin, as well as oil and refined petroleum products.

Both sides emphasised the need to build on this momentum by enhancing the structure of trade and reducing reliance on a narrow range of commodities. A broad range of sectors was discussed as part of future cooperation, including finance and banking, energy and industry, tourism and pharmaceuticals, as well as standardisation and certification in the fuel and energy sector. The parties also explored the prospects of concluding an agreement on the promotion and mutual protection of investments, aimed at improving the business climate and encouraging cross-border capital flows.

Digital transformation and technology transfer emerged as key strategic priorities. Russian officials noted that domestic expertise in IT and cybersecurity could support joint projects in areas such as industrial infrastructure protection, digitalisation of the oil and gas sector, smart city development, telecommunications and education systems.