Oman, Uzbekistan discuss means of expanding economic partnership

Muscat: The Sultanate of Oman and the Republic of Uzbekistan today discussed ways to broaden the horizons of economic, trade, and investment cooperation between the two countries. The discussions focused on advancing the establishment of joint industrial projects, stimulating trade flows, and developing logistical corridors, thereby contributing to the conversion of available opportunities into implementable partnerships and projects.

This came during a meeting held between Anwar Hilal Al Jabri, Minister of Commerce, Industry and Investment Promotion, and Laziz Kudratov, Minister of Investment, Industry and Trade of the Republic of Uzbekistan.

The two sides discussed ways to stimulate trade between the two countries and expand the range of exchanged products. They explored available opportunities to elevate the level of trade cooperation, facilitate the entry of Omani and Uzbek products into both markets, connect exporters with buyers and importers, and address requirements related to specifications, certificates and customs procedures.

The meeting also addressed the proposed preferential trade agreement between the two countries and ways to accelerate technical work on the scope of goods, tariffs and rules of origin. The two sides examined the upgrading of the agreement on the promotion and protection of mutual investments, with the aim of strengthening the investor-friendly environment and expanding areas of economic partnership between the two countries.

Industrial cooperation formed a key pillar of the meeting, as the two sides explored opportunities to develop joint projects in manufacturing industries. They underscored the importance of enhancing direct communication between companies, studying demand volumes, markets, and required investments, and ultimately identifying economically viable and implementable projects.

The two sides also discussed means of strengthening logistical and air connectivity and leveraging the potential offered by Omani ports to develop shipping routes and the movement of goods between the two countries. They also considered building on the direct air link between Muscat and Tashkent to support the growth of trade and investment activities and expand opportunities for products to reach target markets.

The meeting touched upon expanding the private sector's participation in the economic partnership and explored opportunities for export-oriented production in Oman's economic and free zones. It also addressed supporting coordination between private sector institutions in both countries to convene a business council and a business forum that present specific investment opportunities and connect companies and investors with potential partners from both countries. The discussions further aimed to crystallize practical economic, trade, and investment outcomes that support the bilateral relationship, prepare for the sixth session of the Joint Government Committee in Muscat, and enhance private sector participation in implementing priority projects and opportunities.

Both sides emphasized the importance of building on the ongoing development of Omani-Uzbek relations and advancing economic cooperation to a stage more focused on implementation and results. This would be achieved by identifying priority projects and establishing clear follow-up pathways, thereby strengthening trade and investment flows and opening broader prospects for industrial and logistical partnerships between the two countries.

The meeting was attended by Eng. Ghaleb Said Al Maamari, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, Abdul Salam Hatamov, Ambassador of the Republic of Uzbekistan to the Sultanate of Oman, and a number of officials from both sides.