Uzbekistan - Sultanate of Oman: new level in economic partnership

The 4th meeting of the Intergovernmental Commission on Trade and Economic Cooperation between the Republic of Uzbekistan and the Sultanate of Oman was organized in the form of a video conference.

The meeting was co-chaired by Sh. Vafaev, Deputy Minister of Investment and Foreign Trade of Uzbekistan, and Sheikh Khalifa bin Ali Al-Harisi, Deputy Minister of Foreign Affairs of Oman. The event was also attended by heads of main ministries and departments of the two countries.

The agenda of the event included issues of investment, trade and economic, cultural and humanitarian, scientific and technological cooperation, as well as further deepening of bilateral relations in the fields of tourism, transport, human resources and social support.

During the discussion, the participants identified areas for growth in multifaceted bilateral cooperation and agreed on mechanisms to promote new joint projects, programs and initiatives in promising areas.

It was noted that there are wide opportunities for expanding investment cooperation and developing mutual trade in the oil and gas, chemical, energy and electrical industries, food production, construction materials, tourism and other areas. An agreement was reached to jointly study the contingency of boosting trade turnover and prepare proposals to eliminate existing trade barriers.

The two sides expressed readiness to establish close contacts between the business circles of the two countries and collaborate to involve entrepreneurs in the implementation of joint projects. It is planned to review the priorities of the partnership between the two countries' entrepreneurs and develop mechanisms to provide practical support for the implementation of new business initiatives.

The Uzbek-Oman investment company “UzOman Capital”, which has implemented investment projects worth about $ 200 million US, has been recognized. The parties agreed to actively use this effective joint platform, which was created to enlist investment from Oman and foreign investors.
At the end, a protocol was signed outlining agreements on further cooperation in each of the areas canvassed”.