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Italy, Oman to Establish Business Council

Sunday, 14 March 2010 19:09

Oman-Italy Economic Forum was held at Oman Chamber of Commerce and Industry (OOCI) on the sidelines of the visit of the Italian Deputy Minister for Economic Development in-charge of the Foreign Trade 'Adolfo Urso' and his accompanying delegation to the Sultanate.

During the Forum organized, an MoU was signed today among the Italian Trade Commission and SIMEST SPA, of the Italian Ministry for Economic Development to establish Oman/Italian businessmen council.

The agreement was signed by Khalil bin Abdullah al Khunji, Chairman of OCCI on behalf of the Omani side, while Massimo D'Aiuto, CEO of Simest SPA, of the Italian Ministry for Economic Development and Umberto Vattani President of the Italian Trade Commission signed for the Italian side.

In a statement to Oman News Agency (ONA), al Khunji pointed out that the parties agreed to exchange information on the promotion of entrepreneurial opportunities and establish a long term partnerships in the field of organizing conferences, exhibitions, training courses, publications, promoting common projects, and promoting investment in the Sultanate. The parties will also identify the sectors and projects to facilitate the setting up of joint ventures and implementation of ‘Greenfield' investments.

He also pointed out that the parties agreed to exchange information on the general economic & commercial system in the Sultanate and in Italy, general legal framework and commercial laws, customs and fiscal regulations, as well as, possibilities to invest in the Sultanate and opportunities for investment and joint ventures in feasible projects.

The parties also agreed that they will cooperate in order to select proper Omani and Italian partners for possible feasible joint ventures and organize regular meeting to assess the investment opportunities and plan for future strategies.

The MoU signing was attended by Adolfo Urso, Italian Deputy Minister for Economic Development, in charge of the Foreign Trade, the Italian ambassador to the Sultanate, Jameel bin Ali Sultan, OCCI Deputy Chairman, members of the Italian delegation and their Omani businessmen and businesswomen counterparts.

During the Forum,1 Khalil bin Abdullah al Khunji, Chairman of OCCI stated that the trade exchange figures between the two friendly countries are modest and don't reflect the political relations' capacity and the mutual desire to enhancing cooperation and partnership in trade and economic sectors.

In his speech, al Khunji called for the increase of trade exchange between the Sultanate and Italy by benefitting from the agreements signed by both countries, availed investment incentives in the areas of construction, tourism and industry. He also called for activating contact between businessmen and businesswomen and investors through the Joint Businessmen Council, exchanging visits by trade delegations and sharing investment data, as well as, taking part in exhibitions and promotional functions.

He said that the Omani Private sector is looking forward to promoting the economic and trade ties between Sultanate and Italy, cooperate and enter into partnership with the private sector in Italy to achieve such objectives. He hoped that the visit will achieve good results to benefit both sides.

For his part, Adolfo Urso, Italian Deputy Minister for Economic Development in Charge of Foreign Trade, stressed the importance of making a qualitative shift in economic and trade relations between the two countries. He hoped that the volume of trade exchange will increase from US$.500 million to US$.1 billion during the forthcoming period.

In his speech, the Italian official said that the Sultanate's geographical location, in addition, to it's stability and economic growth are enhancing factors for relations between the two countries and mark a beginning for a new economic and trade cooperation. He called upon Italian firms to benefit from these facilities to deliver their products to the Omani and nearby markets.

"Many Italian firms are contributing to the Sultanate's economic development by implementing many infrastructural projects," he pointed out. He pleads to businessmen in both countries to set up joint ventures, take part in promotional events and exhibitions in both countries. Oman Air direct flight between Muscat and Milano due to be launched this year will assist in flourishing trade and tourism activity between the two countries, he furthered.

He said that he is optimistic that an agreement will be struck in the forthcoming period to build a free-zone between the AGCC countries and the European Union during their negotiations in the forthcoming weeks which are envisaged to remove all duties and barriers that hinder flow of commodities and products to both sides' markets.

Then, deliberations of Oman-Italian Economic Forum were opened. The Omani side presented two working papers on Prospectus of Oman Economy, availed investment opportunities, laws regularizing investment in the Sultanate, facilities availed to investors and measures to be followed to set up trade and investment ventures.

The Italian side presented two working papers on the current developments in Italy in political, economic and trade spheres, the technological advancement, the major investment opportunities availed in Italy and incentives and facilities provided to Investors by the Italian government.

Joint meetings were also held on the sidelines of Omani-Italian Economic Forum between members of the Italian Trade delegation and their Omani counterparts. They explored aspects of trade cooperation and the possibility of entering into partnerships, appointing dealers for the Italian products in Oman and nearby markets.

The forum was attended by the Italian ambassador to the Sultanate, Jameel bin Ali Sultan, OCCI Deputy Chairman, members of the Italian delegation, and Omani businessmen and businesswomen. (ONA)

Global Arab Network

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