Oman Engages in Economic Cooperation at OIC Meeting in Turkey

Oman, 5 November, 2024 : The Sultanate of Oman, represented by the Ministry of Economy, participated in the 40th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) held today in Istanbul, Turkey. 

The Omani delegation was led by Dr. Said Mohammed Al Saqri, Minister of Economy, who addressed the session and highlighted Oman’s efforts in enhancing digital transformation within the financial sector. He discussed the nation’s experience with payment systems and the development of initiatives aligned with global standards, including a “three-year National Payment Systems Strategy (2024-2026)” aimed at facilitating electronic payments.

Dr. Al Saqri emphasized Oman’s commitment to collaborating with OIC member states to share expertise and best practices in digital transformation, which he noted is essential for sustainable economic development in the region.

The session covered international developments affecting OIC member states, as well as reports from various OIC institutions and COMCEC working groups on topics like intra-trade, financial cooperation, and poverty alleviation. Member states also reviewed progress on the activation of the trade preference system and the classification of privileged goods for countries interested in joining the initiative.

Source : www.omannews.gov.om