Oman's focused on creating a suitable environment for investors: OCCI chief

Date

9/29/2016 1:06:14 AM

(MENAFN- Muscat Daily) Muscat-

With the focus on stimulating private investment in the sultanate, the Oman Chamber of Commerce & Industry (OCCI) has joined hands with the General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries to organise a forum on the theme 'Invest in Oman'.

The two-day event was inaugurated on Tuesday and is being attended by nearly 400 delegates, including from other countries. An exhibition is also being held where sponsors and participating companies and banks are showcasing the various investment projects available in Oman.

In his opening speech at the event, Said al Kiyumi, chairman of OCCI, said the forum has been organised at a time when countries in the Arab region, and especially in the GCC, need to make more efforts to attract local and foreign investment to cope with the downturn in economic growth.

'We are trying to promote investments in the country through such events. Such events will introduce investors to investment opportunities and incentives available in the country,' Kiyumi said, adding, "We will harness all our resources to create a suitable environment for investors to maximise their opportunities.'

OCCI officials expect a number of new projects to be launched soon, especially in petrochemicals sector, that seems to be witnessed significant expansion, in addition to medicine and chemicals, mining, agriculture and fisheries, and information and communication technology.

Speaking at the event, H E Sultan al Habsi, secretary general of the Supreme Council for Planning, said GCC countries are in dire need of both local as well as foreign investment to counter declining economic growth due to fluctuating oil prices. He said the drop in oil prices has increased economic burden of countries in the MENA region and governments are undertaking various reforms to boost economic activity.

H E Habsi added that the sultanate has in place a comprehensive strategy to support the current five-year plan (2016-20), which aims at creating jobs and diversification to a knowledge-based economy.

Dr Abdul Rahman al Zamil, chairman of the Saudi Chamber's Union, said, 'We should be thankful that the decline in oil prices has forced many countries to initiate long-awaited economic reforms that authorities in the region were reluctant to introduce.'

Experts will make presentations on investment opportunities in Oman's freezones, and in sectors such as food security, tourism, industry and mining.

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