Macki was addressing the Uzbek-Omani Business Forum. The company would operate in the field of investment and establishment of joint projects between the two countries in various spheres, he added.

"The trade between the Sultanate and Uzbekistan has witnessed rapid growth, particularly in the re-export trade field," he said, pointing out that the Sultanate’s exports to Uzbekistan amounted to US$16 million in 2007-2008.

"The Sultanate, since 1970, has witnessed a continued progress under the wise leadership of His Majesty Sultan Qaboos bin Said. The government adopted many development policies and carried out several Five-Year Plans, focusing on establishment of infrastructure, development of the private sector, diversification of sources of income and development of human resources."

The government has also followed a policy of privatisation by transferring ownership of several government projects to the private sector.

He said the report of the Economic Intelligent Unit had ranked the Sultanate on top at the Arab level and 16th at the world level out of 165 countries in the field of ability to meet the challenges of international financial crisis.

He said the government of the Sultanate had amended the percentage of foreign participation in the joint projects from 49% to 70% to encourage foreign investments.

"The progress made in Oman’s economy is ascribed to the growth achieved in the non-oil sectors through diversification of economy and privatisation policies," he said, pointing out that five key projects in the field of energy and water desalination had been privatised since 1996. As part of the cooperation between the two countries, the government has put in appreciable efforts in the field of development of the bilateral cooperation in various economic, commercial and industrial spheres, he said.

Elyor Ganiyev, Uzbekistan’s minister of foreign economic relations, investments and trade, gave a speech on the investment and business opportunities in various fields, particularly oil and gas, tourism, agriculture and industry in Uzbekistan.

He also said the government of Uzbekistan provided several facilities and incentives to businessmen and investors.

In his speech, Khalil bin Abdullah Al Khonji, chairman of Oman Chamber of Commerce and Industry (OCCI), expressed his delight over the visit, which he said, was aimed at exploring business opportunities, fields of cooperation and partnership between the businessmen/businesswomen and the private sector companies in the two countries.

He said the establishment of joint projects in the industrial field and benefiting from the Uzbek expertise in various fields were essential aspects, particularly that the two countries produce oil and gas and are involved in related industries.

New mechanisms for enhancement of the exchange of trade between the two countries were of great significance, he said, adding that this side could be enhanced through exchange of visits between the economic and business delegations in both the countries, participation in international exhibitions and promotion of the national products and opportunities and investment in the two countries and other measures.

The chairman of Uzbekistan’s Chamber of Commerce and Industry said Uzbekistan aspired for further visits that could open new horizons of cooperation between the two countries.

He also stressed on the significance of establishing joint projects in the various economic fields. A presentation on the investment opportunities in Uzbekistan and the available statistics on the economic and commercial activities in Uzbekistan was made at the forum. The forum witnessed appreciable participation from officials, businessmen and media officials in both the countries.

On the sidelines of the forum, several meetings between Omani business delegation and the officials of the companies and establishments in Uzbekistan were held.