Pakistani businessmen should avail the benefit of Oman’s free trade agreement with the United States and re-export local products from Muscat to Washington, said Oman Chamber of Commerce and Industry Chairman Redha Al Saleh.
Addressing the business community at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday, he urged local traders to avail the opportunity by forming joint ventures with Omani counterparts.
“They can pour investment in different sectors of Oman’s economy because we are allowing 100% foreign direct investment,” he said.
Citing that Oman offered easy access to Saudi Arabia and other regional countries, he added that the Middle-Eastern nation could act as a gateway for Pakistan to access Gulf, Africa and other regional markets.
On the flip side, he noted that Pakistan could offer Oman easy access to Central Asia, China and other countries.
He also informed the participants that Oman was working on vision 2040.
“The bilateral trade value of $500 million between the two countries does not reflect the actual potential and collective and strong efforts are needed to increase it,” said Saleh.
He further said that Oman had relaxed rules and regulations to encourage foreign investment and it ensured registration of overseas businesses within 48 hours.
According to him, Oman was keen to enhance import of textile products, meat and livestock, fruits and vegetables, surgical goods and skilled and semi-skilled workforce from Pakistan.
“Covid-19 has triggered food security and supply challenges all over the world and Oman and Pakistan can work side by side in these particular areas,” he said.
Speaking on the occasion, LCCI President Mian Nauman Kabir said that Oman was an important maritime neighbour of Pakistan as well as a fellow member of Organisation of Islamic Cooperation.
He shared that Pakistan-Oman Joint Investment Company was actively engaged to promote trade between the two sides.
The LCCI president said that Omani business delegation comprised of participants representing diverse sectors of the economy including livestock and meat, textiles and garments, fruits and vegetables, pharmaceuticals and surgical instruments, furniture and furnishing, real estate and marbles.
He appreciated the interest shown by Omani delegates to interact with Pakistani counterparts to deepen cooperation.
Pakistan ranks among top countries around the globe in almost all these sectors, he added.
He promised that his chamber would play its role in match making Omani businesmen.
Ambassador of Pakistan to Oman KK Ahsan Wagan, LCCI Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Punjab Board of Investment and Trade Chairman Fazeel Asif Jah, Punjab Public Private Partnership Authority CEO Amjad Ali Awan were also present on the occasion.
Published in The Express Tribune, January 9th, 2022.