Omani-Lebanese Business Forum explores avenues to boost investment and trade

The forum, which took place on the sidelines of an official visit by a Lebanese trade delegation to Oman, began with a speech by Ing. Redha Juma Al Saleh, President of OCCI Photo: ONA

Muscat: The Omani-Lebanese Business Forum, organized on Sunday by the Oman Chamber of Commerce and Industry (OCCI), explored the opportunities available to promote investment and trade between the Sultanate of Oman and Lebanon .

He also discussed the best ways to build and improve partnerships between Omani and Lebanese businessmen.

The forum, which was held on the sidelines of an official visit by a Lebanese trade delegation to Oman, began with a speech by Ing. Redha Juma Al Saleh, President of OCCI. During his speech, he said that the private sector plays a big role in the development of trade and economic relations between the two countries. He explained that there is a mutual ambition to promote and develop such relations in order to positively reflect the volume of trade and investment between the Sultanate and Lebanon.

“Although the volume of trade between Oman and Lebanon stood at OMR 17,021,684 in 2020, this figure does not reflect the ambitions of Omani and Lebanese businessmen. There are many promising areas of cooperation between the two sides generated by Oman Vision 2040 with its goals, pillars and executive framework. »Ing. Redha said.

“The forum was held at a time when mutual relations between Oman and Lebanon are developing in many areas as evidenced by the exchange of visits of business delegations from both sides. This prompts private sector companies in both countries to work towards maintaining their cooperation and partnerships while focusing on productive sectors including industry, agriculture, tourism, brands and franchising. The Chairman of the Board of Directors of OCCI added.

In turn, Mohamed Choucair, Head of Economic Organizations and President of the Trade, Industry and Agriculture Federations of Beirut and Mount Lebanon, gave a speech in which he thanked the OCCI for its invitation to attend. the delegation of Lebanese companies. He said that this invitation demonstrates a strong will and determination to move forward in establishing the best economic relations between the two brotherly countries, especially between private sector establishments in Lebanon and Oman.

During the forum, the Ministry of Trade, Industry and Investment Promotion presented a worksheet titled “Invest in Oman” which explored the competitive business environment in Oman that promotes economic growth and diversification. and empower the private sector. The worksheet highlighted the investment potentials of the Sultanate of Oman, including its modern and advanced infrastructure, its strategic location connected to vital trade routes between East and West, 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.

The worksheet highlighted the stable and secure investment environment in Oman, which treats foreign investments as domestic transactions. He also highlighted the legal transparency of the business ecosystem, full foreign ownership which reaches 100%, the absence of restrictions on currency conversion and the absence of personal income taxes, in addition to the business environment that is stimulating and open to the world.

The worksheet also illustrated the economic stimulus package, including exemptions and incentives given to investors, free trade agreements signed by Oman, in addition to available investment opportunities. The document explained that 50 industrial investment opportunities have been launched with projected investments amounting to over 207.8 million OMR. The Public Authority for Special Economic Zones and Free Zones (OPAZ) also presented a worksheet, which outlined some of the benefits, facilities, investment opportunities and incentives offered by special and free economic zones to investors.

The worksheet gave a detailed presentation of the competitive and investment advantages offered by each of the free zones of Sohar, Salalah, Mazyona and the Duqm Special Economic Zone. He explained the additional advantage brought by the strategic location of each zone, the stimulating business environment and the initiatives offered by OPAZ to attract investments.
During the sessions of the forum, B2B meetings were held between the Omani and Lebanese parties to explore the possibilities of signing partnership agreements and promoting cooperation between the two parties.

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