The Oman-Uzbekistan Business Forum confirmed on a number of future initiatives within the framework of investment opportunities between the two countries.

A number of Omani businessmen have requested to open the field of cooperation in the area of air transport between the Sultanate and the Republic of Uzbekistan.

All these issues came up during discussions under the auspices of Khalil bin Abdullah Al Khonji, chairman of OCCI, in the presence of Elyor Ganiyev, the Uzbek Minister of Foreign Economic Relations, Investment and Trade, and the Uzbek delegation accompanying him, along with a number of Omani businessmen.

Al Khonji stated that the forum aims at easing the way for the chamber and the private sector to identify the opportunities and investment facilities available, which will reflect on the path of the development of relations in the coming period.

Al Khonji emphasised on the importance of the presence of organisations, Omani private sector companies and entrepreneurs in the forum.

"We fully support the efforts to develop economic relations between Oman and Uzbekistan," he said.

The forum discussed a set of work papers that addressed areas of investment opportunities in both the countries.

A meeting was also held by the Oman-Uzbekistan Business Council, which was established recently by the chamber, and the private sector in both the countries for the development of economic relations and investment during the next phase of the joint venture.

Bilateral ties
Al Khonji said the relations between both the countries have been remarkable. "Our relations have been wonderful and it hold great interest by concerned officials and decision makers in an effort to re-build those relationships as a continuation to evaluate in the coming period."

"The case is similar as in the programme of economic diversification across the sectors of interest in the tourism industry, export, service sector and information technology as well as interest in human resources, raw materials exploitation and local resources," he added.

He said, "The current period requires us to take practical steps to assess the economic relations. In our first joint business meeting we discussed important issues regarding the development of partnership and investment."

The meeting considered facilitating of information exchange, trade delegation, participation in exhibitions, conferences, promotion of trade and investment opportunities and exchanging experiences in various fields.

The Oman Chamber of Commerce and Industry, along with the private sector, is showing interest and willingness to participate in such projects.

The visit will witness the establishment of an investment fund by the Omani private sector, in collaboration with the government, to invest in these projects.

Agreements
Both the countries are scheduled to sign several agreements related to economy and trade besides establishing an economy-government committee.

During the forum, the Uzbek minister Elyor Ganiyev released a book written by the Uzbek President Islam Karimov titled ’The Global Financial, Economic Crisis: Ways and Measures to Overcome it in the Conditions of Uzbekistan’.

Ganiyev said that the book sheds light on the negative effects of financial and economic crisis for the economy of Uzbekistan and emphasised on ways and means to overcome them.

The Uzbek minister pointed out that the book has received considerable interest among political, economic, social, academic and local experts as well as researchers and the media fraternity.

"After going through the book, commentators and experts asserted that Uzbekistan since its early days of independence adopted under the leadership of President Islam Karimov political leadership and farsighted policy which became known model of Uzbekistan in the evolution and development. It has been moving towards progress and prosperity in accordance with the five well-known principles," he said.

The book has been reprinted in more than 20 countries including the United States, France, Germany, Italy, China, India, Egypt, Turkey, Poland and other countries.

During the forum, 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 to the attendees.

Ganiyev, in his speech, stressed the need to explore opportunities of co-operation in many areas. He also highlighted the necessity for more regular visits by trade delegations from both countries.

Issues related to enhancing and improving bilateral relations between the two countries, especially in the field of economic and trade, investment in oil, gas and petrochemical sectors, were discussed.

The forum also highlighted matters of common interest in different sectors of the economy. Ishaq Khalfan Al Busaidy, director, Ociped, while giving his presentation said: "Through its attractive policies, Oman has attracted US$12 billion worth investment in Sohar alone. Ishaq added Sultanate’s new strategy focuses on 10 sectors for increased investment."

The sectors 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.