Latest news with #economiccorridor
Bloomberg
11-07-2025
- Business
- Bloomberg
Philippines' Marcos Set to Visit US in a ‘Few Days,' Rubio Says
US Secretary of State Marco Rubio said Philippine President Ferdinand Marcos Jr. is scheduled to visit Washington soon as he underlined the strong ties between the two nations along with Japan. 'We have a great relationship with Japan and the Philippines, and work very closely with them on the economic corridor, on maritime security and territorial integrity,' Rubio told reporters on Thursday after meeting representatives from the two countries at the Association of Southeast Asian Nations' summit in Malaysia.
Zawya
08-07-2025
- Business
- Zawya
Opportunity Oman: Unlocking trade and investment with Indonesia
The contours of global commerce are being redefined by collaborations among nations in the Global South, forging innovative pathways for mutual growth and development. Within this transformative environment, the Sultanate of Oman and the Republic of Indonesia are strategically positioned as key players in their respective regions, demonstrating a growing convergence of interests that points towards a robust bilateral partnership. While historical interactions have fostered a foundation of cultural understanding, the current momentum indicates a deepening engagement across political and economic spheres, suggesting the emergence of a potentially transformative economic corridor linking Southeast Asia and the Middle East. Since the establishment of diplomatic relations in 1977, both nations have steadily cultivated meaningful connections, marked by the opening of embassies in each other's capitals – Indonesia in Muscat (2011) and Oman in Jakarta (2013). This deepening of diplomatic ties has facilitated enhanced communication and cooperation. The shared Islamic heritage provides a natural cultural affinity, while concurrent membership in organisations such as the Organisation of Islamic Cooperation (OIC) and the Non-Aligned Movement (NAM) offers platforms for aligned action on global issues. A key driver of this evolving relationship is the notable expansion of economic ties. As per Observatory of Economic Complexity (OEC) bilateral trade volume has witnessed substantial growth, reaching $2.22 billion in 2023, a significant increase from $464 million in 2012. This upward trajectory reflects complementary economic strengths that position both nations for mutual benefit. An analysis of trade dynamics reveals both opportunities and areas for potential enhancement. While Indonesia historically maintained a trade surplus, the year 2023 saw a shift, with Oman's exports to Indonesia reaching $1.86 billion, contrasting with Indonesia's exports to Oman of $364 million. This imbalance is largely attributed to Oman's significant exports of semi-finished iron ($1.04 billion), refined petroleum ($539 million), and acyclic alcohol derivatives ($124 million). Indonesia's export portfolio to Oman includes key commodities such as palm oil ($150 million), cars ($79.3 million), and refined petroleum products, showcasing Indonesia's diverse manufacturing capabilities. This complementarity in economic outputs provides a solid foundation for expanded trade activities. Indonesian companies, such as PT Medco Energy International, have established a presence in Oman's energy sector. Furthermore, Oman's Vision 2040 programme actively encourages further Indonesian investment, particularly in sectors like real estate and tourism, with a focus on Integrated Tourism Complexes. The people-to-people dimension of this relationship is also significant. Approximately 80,000 Indonesian workers contribute to Oman's economy, fostering grassroots connections between the two societies. Tourism flows are also on the rise, facilitated by the introduction of a visa-free agreement in 2019. These interpersonal connections contribute to a favorable environment for strengthening business relationships. Looking ahead, digital cooperation presents an exciting avenue for growth. Recent high-level discussions have centered on collaboration in areas such as digital infrastructure, cybersecurity, and innovation. Indonesia's thriving digital economy offers attractive opportunities for Omani investors, while Omani expertise in specific technological fields could contribute to Indonesia's development. Oman's strategic geographic location provides Indonesian businesses with a valuable gateway to the broader MENA region. Conversely, Indonesia's membership in ASEAN and the Regional Comprehensive Economic Partnership (RCEP) offers Omani businesses potential access to the dynamic Southeast Asian market, encompassing over 650 million consumers. Untapped trade potential exists within specific sectors. Estimates suggest that Indonesia has the capacity to increase its exports of refined petroleum to Oman by an additional $31.5 million, while Oman could potentially increase its exports of iron ore to Indonesia by $10.7 million. These figures illustrate immediate opportunities for trade expansion. For Omani businesses seeking to enter the Indonesian market, focusing on Indonesia's large consumer base, exceeding 250 million people, is advisable. Beyond current exports, significant potential exists for expansion in sectors such as chemicals, metals, methanol, raw aluminum, gypsum, and polypropylene. Indonesian businesses targeting Oman should leverage existing strengths in sectors including wood products, electrical appliances, textiles, furniture, and foodstuffs. As Oman continues its infrastructure development, opportunities in the construction materials sector are also expected to grow. To advance the evolving partnership between Oman and Indonesia, both governments must prioritise reducing trade barriers, streamlining investment procedures, and fostering direct business-to-business engagement. Recent high-level business delegation visits highlight strong private sector interest in expanding bilateral cooperation. Despite the promising potential of the Oman-Indonesia economic corridor, it remains largely underutilised. With their complementary economic capabilities, shared cultural affinities, and strategic geographic positions, the two nations are well-positioned to cultivate a deeper and mutually advantageous relationship. Leveraging their respective strengths and regional influence, Oman and Indonesia could shape a transformative alliance that contributes not only to their national development goals but also to a more interconnected, balanced global economy. Realising this potential requires proactive efforts to enhance physical and diplomatic connectivity. Increasing direct flight connections between Oman and Indonesia is vital, particularly given Indonesia's demographic scale and its importance as a Global South economy with high tourism and trade potential. Improved air connectivity will also strengthen cultural and societal ties. On the trade front, the establishment of direct shipping routes between key ports would significantly facilitate bilateral commerce. Additionally, launching structured diplomatic platforms—such as a joint investment forum—would institutionalise dialogue and deepen economic cooperation. Embassies in both countries must play a catalytic role by accelerating business facilitation measures, promoting investment opportunities, and creating an enabling environment for sustained engagement.
Zawya
07-07-2025
- Business
- Zawya
Dubai and India strengthen their strategic partnership in trade and logistics services
Abdulla Busenad: Facilitating the flow of goods and increasing trade exchange in line with Dubai's economic agenda Dubai: As part of its ongoing efforts to develop international economic relations and facilitate trade between Dubai and its trading partners, Dubai Customs hosted an expanded meeting with the participation of a delegation from the Republic of India, headed by Arti Agarwal Srinivas Director General, Directorate General of Systems and Data Management at the Central Board of Indirect Taxes and Customs (CBIC). A delegation from DP World also participated in the meeting. The meeting tackled ways to enhance cooperation in inter-MENA trading trends and supply chain, logistics services, fast-tracked clearance procedures, and customs facilitations used to accelerate trade movement and increase the flow of goods. The meeting also discussed the development of the India-Middle East-Europe Economic Corridor (IMEEC) and its associated virtual trade corridor. At the beginning of the meeting, His Excellency Dr. Abdulla Busenad, Director General of Dubai Customs, welcomed the visiting delegation, emphasizing that this visit is part of the Dubai Economic Agenda's vision to enhance Dubai's role as a global trade and logistics hub. It also underscores the strength of relations between Dubai and India, which are witnessing rapid growth across various economic sectors. Moreover, we are working to facilitate trade with Dubai's trading partners in Asia, the first one of them is the Republic of India. Our goals are to encourage investment, facilitate trade, and enhance Dubai's position on global competitiveness indicators. For her part, the head of the Indian delegation, Arti Agarwal Srinivas, praised the significant developments witnessed by Dubai's customs and logistics system, emphasizing that India views Dubai as a pivotal partner in supporting the smooth flow of supply chain and a strategic gateway to markets in the Middle East, Africa, and Europe. The meeting was attended by Mansoor Al-Malik, Executive-Director for Policies and Legislation Division at Dubai Customs, and Ateeq Al Muhairi, the Executive Director of the Customs Development Sector at Dubai Customs. 'The MAITRI platform' was reviewed; it is a single digital platform that aims to facilitate the data exchange between Customs and Port systems in the UAE and India. This aims to increase the movement of goods, reduce delays and customs costs, and open up broader horizons for logistics partnerships that serve common interests and keep pace with future ambitions.
Globe and Mail
23-05-2025
- Business
- Globe and Mail
Alberta Insider: Finding ways to co-operate in the West
Good morning. Economic trade was the name of the game as the premiers of Canada's Western provinces and three northern territories met in Yellowknife this week. And while the burgeoning separation movement in Alberta and Saskatchewan simmered in the background, it was not the focus. Instead the leaders agreed to push for a trade corridor that would connect the North to British Columbia's port of Prince Rupert, further opening Asian markets to Canadian goods. The premiers want Ottawa to support the development of an economic corridor between the Prince Rupert port and Hudson's Bay, in Churchill, Man. That route could then tie into the proposed Grays Bay road and port project in Nunavut, allowing better access for rich mineral resources to international shipping routes. But it was clear it is not exactly smooth sailing when it comes to the wants and desires of Canada's two westernmost provinces. B.C. Premier David Eby and Alberta's Danielle Smith remain at loggerheads over the need for a new pipeline to ship oil to the B.C. coast. 'I know that Danielle's priority is to get heavy oil to tidewater. She is very unambiguous about that. My priority is to get B.C. electricity to as many places as possible, to help decarbonize and to drive our economy in British Columbia,' Eby told reporters at the closing news conference. But Eby said trade wars with the United States and China will force the provinces to work closely together. 'We're finding ways to co-operate. If Premier Smith is able to convince the federal government or a private proponent to build another pipeline through British Columbia, we'll cross that bridge when we come to it,' he said. Smith, for her part, said she was encouraged by the discussions around electricity and the movement of goods. 'We're kind of an 'all of the above' sort of province. We'd like to see infrastructure built north, south, east and west,' she said. Earlier in the week, business leaders across Western Canada urged Ottawa to improve economic competitiveness. The Western Business Coalition − representing more than one-third of the Canadian economy − called on federal legislators to cut taxes and regulation, and to abandon the proposed greenhouse-gas emissions cap. 'We are in a very defining moment for us as Canadians and Canada as a country,' said Prabha Ramaswamy, CEO of the Saskatchewan Chamber of Commerce. 'There's a tremendous opportunity in front of us, and that opportunity is for us to focus on strengthening our domestic economy, and the premiers should focus on economic unity.' Trade was the main issue at the meeting hosted by Northwest Territories Premier R.J. Simpson, but the simmering threat of separation was raised at the news conference. While Smith's government has introduced legislation that will make it easier to launch a referendum on secession, she said Ottawa can tamp down those flames by acting on the list of demands produced by the Western premiers. 'If Prime Minister Mark Carney acts on the ideas in our communiqué today, that it would take the wind right out of any effort,' she said. That is slightly softened language compared to pre-election when Smith rolled out a list of demands she said needed to be met by Ottawa or it could risk a 'national unity crisis.' Eby said now is not the time for separatist movements. 'There is no worse time for us to get dragged into conversations about splitting up the country or this kind of thing, than right now, when in front of us is all this amazing opportunity.' This is the weekly Alberta newsletter written by Alberta Bureau Chief Mark Iype. If you're reading this on the web, or it was forwarded to you from someone else, you can sign up for it and all Globe newsletters here.
