Tashkent, Uzbekistan (UzDaily.com) -- The Omani-Uzbek Business Forum organised here yesterday by Oman Chamber of Commerce and Industry (OCCI) and the Republic of Uzbekistan focused on the growing investment opportunities in the two countries. Addressing a gathering of Uzbek and Omani businessmen, Khalil bin Abdullah al Khonji, Chairman, OCCI, welcomed Elyor Ganiyev, the Uzbek Minister of Foreign Economic Relations, Investment and Trade, and underscored the importance of tapping into many business opportunities existing in the two countries.

Present at the event were a number of Omani and Uzbek businessmen, members of the Omani-Uzbek Business Council and members of the delegation accompanying the Uzbek minister. Al Khonji stressed the importance of developing business relations between the Sultanate and Uzbekistan and the current support being accorded to these relations. He hoped the business council would play a key role in improving the bilateral economic and investment partnership between the private sectors and the investors of both sides, Plus News Pakistan reported.

The Uzbek minister released a book written by the Uzbek President Islam Karmov on “The Global Financial, Economic Crisis: Ways and Measures to overcome it in the conditions of Uzbekistan”. In his speech, Ganiyev highlighted the historic relations between the two countries and the mutual interest to develop them in a way that would serve the joint interests and objectives. He said the Uzbek government provides scores of incentives for foreign investments. Uzbekistan is known for having abundant cheap natural resources, such as mineral, copper, silver, gas, charcoal, oil and energy.

It provides free trade zones and the possibility of 100% foreign ownership. Booklets on “Investment Climate of Republic of Uzbekistan”, “Invest in Uzbekistan”, and “Tax Incentives Provided to participants of the Free Industrial — Economic zone at Navoi” were distributed among the attendees. The minister stressed the need to explore opportunities of co-operation in areas such as textile industries, food industries, construction material industries, such as ceramics, porcelain and cement, and petrochemical industries. Ganiyev stressed the need for more regular visits by trade delegations to build better understanding of the investment potentials in both countries.

The forum discussed ways of enhancing and improving bilateral relations between the two countries in the economic and trade fields and investment in oil, gas and petrochemical sectors, besides discussing and reviewing matters of common interests in different sectors of the economy. Ishaq Khalfan al Busaidy, Director, OCIPED, gave a presentation on investment opportunities in Oman. He said, through its attractive policies, Oman has attracted $12 billion worth investment in Sohar alone. Ishaq said Sultanate’s new strategy focuses on 10 sectors for increased investment.

These include chemicals and pharmaceuticals, plastics, tourism, metals, renewable energy, solar power, information and communication technology (ICT), marine, automotive spare parts, financial services, professional development, and Duqum development. He said the Sultanate has a flat rate of 12% corporate tax after RO 30,000. Customs duty exemption is available, in addition to a 10-year exemption on corporate tax. Bukhtiar Imratov, Director of Uzbek Agency under the Ministry of Foreign Economic Relations in Investment and Trade, gave a presentation on opportunities and incentives of investment in Uzbekistan. The entire event was highly useful for the business community of the two countries.