Businessmen and stakeholders from Oman and Lebanon on Sunday, October 17, took part in a discussion to promote investment and trade exchange, said official sources.
The discussions are said to have taken place during the Omani-Lebanese Business Forum organized by the Oman Chamber of Commerce and Industry or OCCI.
The discussions also included, but were not limited to, the best ways to build and enhance partnerships between the Omani and Lebanese businesspeople.
During the sessions of the forum, B2B meetings were also held between the Omani and Lebanese parties to explore the possibilities of signing partnership agreements and promoting cooperation between the two sides, said the sources.
The forum was organized on the sidelines of an official visit by a Lebanese business delegation to Oman.
During the forum, Oman’s Ministry of Commerce, Industry, and Investment Promotion is said to have presented a worksheet titled Invest in Oman, which explored the business environment in Oman that promotes growth and economic diversification and empowers the private sector.
The worksheet reportedly highlighted the investment potentials of Oman, including its infrastructure, its strategic location, and its proximity to around 54 million consumers in the markets of GCC countries, in addition to its proximity to emerging markets in Asia and Africa.
It is also said to have underlined the legal transparency in the business ecosystem, the foreign freehold ownership that reaches 100 percent, the lack of any restrictions on foreign currency conversion, and the lack of income taxes on individuals, in addition to the business environment that is open to the world.
The worksheet also elaborated on the economic stimulus plan including the exemptions and incentives given to investors, and the free trade agreements signed by Oman.
The paper explained that 50 industrial investment opportunities have been floated with projected investments amounted to more than RO207.8 million ($540.44 million).
Oman’s Public Authority for Special Economic Zones and Free Zones also presented a worksheet, which featured some advantages, facilities, investment opportunities and incentives provided by special economic and free zones to investors.
The worksheet gave a detailed presentation of the competitive and investment advantages offered by each free zones in Sohar, Salalah, Mazyona, and the Special Economic Zone at Duqm. It explained the additional advantage provided by the strategic location of each zone, the stimulating business environment and the initiatives offered by OPAZ to attract investment.
OCCI Chairman Redha Juma Al Saleh said at the forum that the private sector played a great role in developing the commercial and economic relations between the two countries.
He added that there was a mutual ambition to promote and develop such relations to reflect on the volume of trade exchange and investment between the countries.
“Although the volume of trade exchange between Oman and Lebanon amounted to RO17,021,684 (around $44.27 million) in 2020, this figure does not reflect the ambitions of the Omani and Lebanese businesspeople. There are many promising areas of cooperation between the two parties generated by Oman Vision 2040 with its objectives, pillars and executive framework,” he said.