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Oman & Singapore to promote joint ventures

Global Arab Network - - Mohamed Tamer

Wednesday, 19 August 2009 17:06

The commercial exchange between the Sultanate and Singapore in 2008 soared 191 per cent to RO 365 million as compared to 2007, thanks to the signing of agreements on avoidance of double taxation, protection of joint investments and Oman’s signing the GCC-Singapore free trade agreement and increased trade activities. Discussion of co-operation in key areas took place during the meeting of the Oman-Singapore Joint Committee.
Jameel bin Ali Sultan, Oman Chamber of Commerce and Industry’s (OCCI) Deputy Chairman, met with the Singaporean businessmen and businesswomen. The Singaporean delegation is led by Lee Chiong Giam, Deputy Secretary for International Cooperation at the Singaporean Foreign Affairs Ministry.
Officials from the public and private sector in the Sultanate attended the meeting. At the outset of the meeting, Jameel expressed his appreciation for the efforts being made by the Oman-Singapore Joint Committee to promote and develop businesses and joint ventures.

He stressed that the Omani-Singaporean Joint Business Council plays a major role in enhancing trade co-operation and economic partnership. He stressed the importance of setting up joint co-operation bodies in the sectors of information technology, industry, shipping, air transport, services, fisheries, agriculture tourism, small and medium enterprises and wastewater treatment projects. The head of the Singaporean delegation called for activation of joint MoU"s and agreements already being signed, as well s promoting investments potential in the two countries.

Meanwhile, Saud al Nahari, Head of the Omani side at the Omani-Singaporean Joint Council, said the council is contributing to establishing strong economic co-operation relations between the private sector"s establishments and businessmen and women in the Sultanate and Singapore. The committee will be attracting investors in both countries and enabling the Omani side to benefit from the Singaporean expertise. The Singaporean delegation was briefed about the economic and investment climate in the Sultanate and investment laws and legislations.

Working papers were presented by specialised personnel from the General Secretariat of Taxation, the Omani Centre for Investment Promotion and Exports Development (OCIPED) and the Public Establishment for Industrial Estates (PEIE). The papers shed light on the taxation system in Sultanate and investments laws enforced.

The Oman-Singapore Joint committee underlined the need to establish a business council which, it noted, will activate trade relations and encourage businessmen to develop investment and commercial co-operation. It pointed out that, with the signing of the pacts, a legal framework has been provided, offering ideal grounds for the private sectors to engage in joint investments. The committee discussed opportunities for co-operation in statistics, economy, general finance, electricity, water, health, transport, information technology, education, agriculture, environment and climate affairs.

The closing session included meetings between the Singaporean delegation and Omani officials, including the Secretary-General of the National Economy Ministry, the Executive President of the Capital Market Authority and the Under-Secretary of the Ministry of Manpower. On the sidelines of the session, joint meetings were held between representatives of Singaporean companies, ministries and other government departments. The visiting business delegation represents nine Singaporean companies operating in investment, ports, airport services, town planning, electricity and water, among other areas.

The minutes of the 8th meeting of the Oman-Singapore Joint Committee was signed by Shaikh al Fadhl bin Mohammed al Harthy, Under-Secretary of the Ministry of National Economy for Development Affairs and Lee Shiong Giam, Deputy Under-Secretary of the Singapore Foreign Ministry for International Cooperation. It was attended by Mohammed bin Nasser al Khusaibi, Secretary-General of the Ministry of National Economy.

Global Arab Network

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