Tashkent, Uzbekistan (UzDaily.com) -- An official session of talk was held between the Sultanate of Oman and the Republic of Uzbekistan at the Finance Ministry. The Omani side was led by Ahmed bin Abdulnabi Macki, Minister of National Economy & Deputy Chairman of the Financial Affairs & Energy Resources Council and the Uzbek side was led by Elyor Ganiev, 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 relations. The two sides highlighted the importance of finding the legal frameworks to set up 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 countries to review the opportunities and potentials available in these countries. He also 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 also pointed out that the Sultanate managed to reduce reliance on oil and gas revenues from 98% to 75%.

On his part, the Uzbek Minister of Foreign Economic Relations, Investment and Trade, Elyor Ganiev, hailed the achievements made by the Sultanate under the wise leadership of Sultan Qaboos bin Said, adding that these achievements have won the praise of the world as they managed to build a modern society that enjoy welfare and prosperity.