Friday April 12, 2024

Oman invites investment

By Our Correspondent
January 07, 2022

KARACHI: Oman Chamber of Commerce & Industry (OCCI) on Thursday showed interest in getting investment from Pakistan saying it was right time for business communities in both the countries to work together.

Redha Jumma Mohamed Ali Al-Saleh, chairman at OCCI said Oman was open for foreign investment as under new rules, investors could invest 100 percent capital with no need for having a local partner. However, it’s better to have a local partner who could help in easily setting up businesses in Oman, he added.

He also informed that Omani Embassy in Pakistan and OCCI were in discussion to ease visa obtaining procedures for Pakistanis businessmen.

“We are ready to assist any Pakistani businessman in obtaining visa with a view to make your visit easier,” he said.

He said the trade volume was ‘not sufficient’ which needs to be focused as before Covid-19 pandemic, the volume stood at $655 million but came down to $250 million.

Talking on the occasion, he said taxes in Oman were lower than many other countries with tax holidays for up to five years, mentioning that the country had opened a road to Saudi Arabia that had reduced distance, cost, and time, opening a new door for exports to Saudi Arabia, Iraq, Syria, and GCC (Gulf Cooperation Council) countries.

Omani trade delegation visiting Pakistan explored trade and investment cooperation between the two countries in the fields of agriculture, fisheries, medicine, education, exports, and imports.