Muscat: The Philippines and Oman are actively working towards finalizing 'investment agreements' aimed at providing incentives for Omani businesses considering investments in the Philippines. This initiative was revealed by Foreign Affairs Secretary Ma. Theresa Lazaro during her visit to Muscat, Oman, where she attended the 2nd Oman-Cebu Investment Forum on February 9.

According to Philippines News Agency, Secretary Lazaro emphasized the recent advancements in bilateral cooperation, particularly highlighting new agreements in the health and agriculture sectors. The Department of Foreign Affairs (DFA) issued a statement on Tuesday emphasizing both nations' dedication to establishing investment agreements that would create a secure and incentivized environment for Omani investors interested in the Philippines.

The DFA has not yet released further details regarding the expected agreements. Meanwhile, Omani Foreign Affairs Minister Sayyid Badr Albusaidi expressed Oman's willingness to collaborate closely with the Philippines, aligning with Oman's national economic diversification agenda. During the forum, he shared his vision for enduring partnerships with Manila and acknowledged the significant contributions of the 50,000-strong Filipino community in Oman to the nation's social and economic fabric.

"Building on last year's success, in Cebu, we're converting talks into real projects: expanding trade, driving innovation, and fostering sustainable growth for a lasting Oman-Philippines partnership," he stated. In a joint statement dated February 10, the diplomats from both countries encouraged their respective private sectors to pursue mutually beneficial and sustainable economic interactions.

The forum highlighted key sectors for potential collaboration, including trade and investment; tourism, hospitality, and cultural ties; logistics and connectivity; renewable energy; digital economy and innovation; agriculture; healthcare; vocational and technical cooperation; education; and sustainable development.