Istanbul: The Sultanate of Oman, represented by its Ministry of Economy, took part in the 40th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organization of Islamic Cooperation (OIC) in Istanbul, Turkey. Heading the Omani delegation was Dr. Said Mohammed Al Saqri, Minister of Economy, who delivered a speech outlining Oman’s efforts in advancing digital transformation within the financial sector and aligning its payment systems with global standards.

According to Oman News Agency, Dr. Al Saqri highlighted a series of national initiatives aimed at supporting this digital transformation, notably the ‘three-year National Payment Systems Strategy (2026-2024)’, which seeks to facilitate electronic payments and boost financial efficiency. The minister emphasized Oman’s dedication to fostering cooperation with OIC member states, sharing expertise and best practices in digital transformation to promote sustainable economic development in the region.

The ministe
rial session also addressed international developments and their impacts on OIC member states. Reports from various OIC institutions and COMCEC working groups were reviewed, covering topics such as intra-trade, financial cooperation, transport and communications, tourism, agriculture, and poverty alleviation. Additionally, discussions were held on the activation of the trade preference system among member states and the identification of privileged goods for countries interested in joining the system.