Oman participates in Arab-Greek Economic Forum

Muscat: Represented by the Ministry of Commerce, Industry and Investment Promotion, the Sultanate on Tuesday took part in the 9th Arab-Greek Economic Forum (AGEF).

Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, represented the Sultanate at the two-day meeting, held via videoconferencing.

Al Yousef said in a speech that the Sultanate took giant strides and looks forward with confidence to future development, based on Oman Vision 2040.

He described Oman 2040 as a roadmap to plans, programmes and projects that Oman intends to accomplish over the next 20 years. The Sultanate seeks to join the club of advanced countries by implementing the strategic vision and espousing the approach of economic diversification, “which secures to our country a balanced and sustainable development”, said Al Yousef.

The minister added that the Sultanate sought to establish an attractive investment climate and provide solid infrastructure to support investment (including world-class roads, high-tech airports and seaports, advanced industrial estates and information societies). Oman set up one of the Middle East’s largest economic zones, which is the Special Economic Zone in Duqm, to accommodate major international investments, said Al Yousef.

Oman also worked for the attraction of foreign investments—offering them the necessary incentives and localizing technology so that Oman-made products could penetrate the global market by adding new destinations, said the minister, noting that new laws and legislations are in place to enhance economic growth and equate Omani norms with international practices in this field.

Business developments in Oman-Greek relations bode well for the expansion of future economic cooperation, said Al Yousef, who called upon Greek businessmen and investors to explore investment opportunities available in the Sultanate.

Organized to foster economic relations between Arab countries and Greece, the AGEF, in particular, sheds light on the economic potential of the Sultanate, given its strategic location and its proximity to major global commercial corridors. A special session in the AGEF event was accorded to the Sultanate to familiarize investors about incentives and opportunities in Oman.

The forum saw the participation of the Chairman of Oman Chamber of Commerce and Industry and representatives of government departments, Oman Vision 2040 Follow-up Unit, the Public Authority for Economic Zones and Free Zones and Oman Dry Dock Company. –ONA


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