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Oman, Uzbekistan explore joint investment areas

MUSCAT — An official session of talks was held between the Sultanate and the Republic of Uzbekistan at the Finance Ministry yesterday.

The Omani side at the meeting was led by Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council, and the Uzbek side was led by Elyor Majidovich, minister of foreign economic relations, investment and trade, who is currently visiting the Sultanate.

The session covered a number of bilateral economic, trade and investment issues.

The two sides highlighted the importance of finding the legal frameworks to set up an investment cooperation and joint trade and industry activities.

Macki stressed the keenness of the Sultanate’s government to set up joint economic and investment cooperation with Uzbekistan in a bid to enhance the trade exchange volume and set up joint ventures.

Macki also highlighted the importance of both countries’ signing two agreements on the avoidance of double taxation and mutual protection of investment as this will assure the investors in the public and private sectors and encourage them to set up joint ventures.

He also highlighted the importance of exchange visits among the officials in both the countries to review the opportunities and potentials available in each country.

He pointed out that plans and programmes adopted by the Sultanate’s government in implementing its five-year plan and development projects.

He also highlighted the initiatives taken by the government to reduce reliance on oil and gas revenues in the GDP.

He pointed out that the Sultanate managed to reduce reliance on oil and gas revenues from 98 per cent to 75 per cent

The Uzbek minister hailed the achievements made by the Sultanate under the wise leadership of His Majesty Sultan Qaboos bin Said, adding that these achievements had won the praise of the world as they managed to build a modern society that enjoyed welfare and prosperity.

The Uzbek minister pointed out the possibilities and opportunities of bilateral cooperation in oil, gas, minerals and energy, as well as medium and heavy industries.

He added that his country had managed to achieve a 9 per cent growth rate in 2007 and was expected to past 9.3 per cent growth in 2008.

From the Omani side, the talks session was attended by Sheikh Abdul Malik bin Abdullah Al Hinai, undersecretary for economic affairs at the National Economy Ministry; Sheikh Al Fadhl bin Mohammed Al Harthy, undersecretary for development affairs at the National Economy Ministry; Saud bin Nasser Al Shekaily, secretary-general of taxation at the Finance Ministry; and Mohammed bin Jawad, adviser at the Finance Ministry; Mohammed bin Said Al Lawati, Sultanate’s ambassador to Pakistan and non-resident ambassador to Uzbekistan, as well as a number of officials at the Finance Ministry, National Economy Ministry and Oman Oil Company (OOC).

From the Uzbek side, the session was attended by the chief guest and his delegation, which comprised a number of officials from the public and private sector companies.