Muscat: The 7th Advocacy Forum, held on Wednesday under the auspices of Sayyid Khalifa bin Said al Busaidy, Chairman of the Supreme Court, reviewed the role of national legislation in encouraging foreign investments.
Lawyer Khalifa bin Marhoon al Rahbi, Vice-Chairman of the Board of Directors of the Omani Lawyers Association, delivered a speech at the beginning of the forum. He pointed out that the conference aims to discuss the role of national legislation in promoting foreign investment and enhancing the legislative system in a manner that serves national goals towards making investments easier.
Carlo Mastellone, President of the International Association of Lawyers (UIA), explained that the event is an opportunity to benefit from international experiences in this field. In remarks to the Observer, he said, "What we hope to do is to increase collaboration in this area. As far as investment is concerned, we look to lawyers regulated by international agreements and recent trends in respect of foreign investment, apart from traditional roles. Equal treatment and protection of investment are important, and the trend is to look at responsible investment and commitment by companies to respect the local environment and conduct responsible investment. Also, for protection for communities that may be affected negatively by the investment, the new treaties with new countries should take into consideration sustainability and responsible investment. In Oman's case, this includes protection for the local environment, culture, employment, and a more contemporary approach." The forum included two sessions during which various working papers were presented. A memorandum of understanding (MoU) was signed between the Omani Lawyers Association and the Emirates Association for Lawyers and Legal Professionals.
Zayed al Shamsi, Chairman of the Board of Directors of the Emirates Association for Lawyers and Legal Professionals, said, "We signed the cooperation agreement to open up many horizons for us as professionals and lawyers in terms of cooperation between the two associations in activities, developing the profession and joint legal training. There are many common features in the Gulf, whether in legislation, implementing legislation, or achieving justice. Therefore, we seek through this agreement to form a real partnership between the two associations in coordinating everything that the associations provide to their members, as well as participating in new ideas and innovation in these services and facilitating the work of lawyers who are members of the associations to achieve justice in the best ways and practices." At the end of the conference, the participants came up with a set of recommendations. These included enhancing transparency and legal stability by developing investment laws in a manner that ensures transparency for foreign investors, stimulating foreign direct investment by providing tax and customs incentives to attract foreign companies, especially in the areas of renewable energy, technology and tourism.
The participants also emphasised the importance of enhancing legal protection for investments by developing mechanisms for resolving trade and investment disputes through the establishment of specialised courts or judicial bodies.
They also stressed the need to upgrade the efficiency of laws related to foreign ownership by reviewing the laws on foreign investors' ownership of land and real estate in a manner that keeps pace with economic developments and attracts long-term investments. Additionally, encouraging partnerships between foreign and local investors through flexible legal systems that protect the rights of all parties was highlighted.
The participants also underscored the importance of developing national legislation to achieve a balance between attracting foreign investments and protecting national interests, while emphasising the Sultanate of Oman's commitment to promoting a safe and sustainable investment environment that aligns with Oman Vision 2040.
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