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Muscat: Establishing Omani–American Joint Business Council

Global Arab Network - - Mohammed Almasri

Monday, 07 March 2011 15:56

Establishing_Omani__American_Joint_Business_Council

Oman (Muscat) - Oman Chamber of Commerce and Industry (OCCI) and National US-Arab Chamber of Commerce (NUSACC) signed an agreement at Crowne Plaza Hotel today to establishing the Omani - American Joint Business Council on the sidelines of the Omani-US Business Forum which was opened today under the auspices of Darweesh bin Isma'eel al Bulushi, Secretary General of the Finance Ministry.

The agreement was signed from the Omani side by Khalil bin Abdullah al Khunji, OCCI Chairman while it was signed from the US side by David Hamod, NUSACC President and CEO.

The Secretary General of the Finance Ministry said that the Omani-US Business Forum will avail the opportunity for both sides to have a dialogue and review the available investment opportunities in the two countries to enhance the trade exchange between the Sultanate and the USA, particularly after signing the Free Trade Agreement (FTA) between the two countries in 2006 which avails many advantages and facilities for the trade exchange between the Sultanate and the USA.

In a statement to the journalists, he added that signing the agreement to set up the Oman-US Joint Business Council will contribute in the flow of trade and economic movement between the two friendly countries. He hoped that the forum would achieve through its discussions further growth in reciprocal trade between the two countries.

Al Khunji, OCCI Chairman gave a speech at the beginning of the ceremony during which he affirmed that there was a great interest during the last years from the Omani and the US sides to enhance the growing relations between the two countries, particularly the economic and trade relations, with legal frameworks that would enable them to achieve growth rates that reflect the deep-rooted relations between the two countries, adding that the interest of the two sides was crowned by signing the FTA between the two countries in Washington in 2006 which paved the way for a new stage in the march of the trade and economic relations between the Sultanate and the USA.

He said that the forum aims at cooperating in promoting and developing the trade and investment relations at the level of the contributions of the private sector, as well as enhancing the joint investments in the light of the available legal and legislative environment which is governed by the bilateral trade agreements, besides the availability of a number of opportunities in the fields of interest and priority to the development plans and programmes in the two countries.

He explained that the Omani-US Business Joint Council will enhancing continue working on the cooperation and partnership relations in the trade and economic fields and exchanging expertise and modern technologies between the Sultanate and the USA.

In a statement to Oman News Agency (ONA), al Khunji added that the council will facilitate work for the Omani businessmen and their American counterparts to set up new joint investment projects, availing the best mechanisms for facilitating goods and service exchange, as well as overcoming obstacles impeding the trade movement between the two countries. It will also enable them to take part in all economic activities being held in the two countries, besides exchange of visits among Omani and American businessmen.

Dr. Richard J. Schmierer, US ambassador to the Sultanate also gave a speech at the beginning of the ceremony during which he affirmed that the FTA, which last January 2011 marked its 2nd anniversary, is a great achievement in the Omani-US relations and an indication to the deep historic relations binding the two countries as it paves the way to promoting these relations in all economic spheres.

He also affirmed the Sultanate's commitment to the free trade standards and creating an encouraging investment atmosphere for the foreign investors which would enhance the position of the Sultanate as an investment destination due to its strategic location and the availability of sophisticated economic fundamentals and important opportunities for the US businessmen to access to the regional markets through the Sultanate.

He also pointed out that the US Embassy receives inquires from the American companies to expand their activities into the Sultanate, as well as from the Omani investors willing to invest in the USA.

On his turn, David Hamod, NUSACC President and CEO said that by singing this agreement, OCCI and NUSACC will work as a team to launch this council within the activities of the Omani-US Business Forum which highlights the partnership between the public and private sectors.

In his speech, he affirmed that the Joint Business Council has a bright and promising future as it holds the hopes and aspirations of the large and small companies to set up economic and investment partnerships between the two countries.

He added that the forum focuses on the FTA which plays a great role in enhancing trade and investment between the two friendly countries.

NUSACC President and CEO explained that FTA and the Business Council will play a significant role in changing aspects of life in the Sultanate and US alike, affirming that the recent research conducted by NUSACC affirms that by 2013 the Sultanate will grow to become the eighth largest destination in the Arab world for the US goods and service.

The forum includes two workshops. The 1st one deals with identifying the US economy, trade atmosphere, investment opportunities in the US and the advantages of FTA for the Omani companies, as well as how to get a US partner and familiarizing with the US trade and tax laws.

The 2nd workshop deals with familiarizing with the Omani economy, trade atmosphere, investment opportunities in the Sultanate and the advantages of FTA for the US companies, as well as how to get an Omani partner and identifying the Omani trade and tax laws. (ONA)

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Last Updated on Monday, 07 March 2011 16:18

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