Oman is one of a few countries having Free Trade Agreement with the United States. It is also a exceptional opportunity for Pakistani businessmen as their products can be reexported to US from Oman.
These views were expressed by the Head of a high-profile delegation of Omani businessmen and Chairman of Oman Chamber of Commerce and Industry Engr. Redha Al-Saleh while speaking at the Lahore Chamber of Commerce & Industry.
LCCI President Mian Nauman Kabir presented the address of welcome while Ambassador of Pakistan to Oman K.K. Ahsan Wagan, LCCI Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Provincial Ministers Syed Yawar Bukhari, Dr. Muhammad Akhter Malik, Chairman PBIT Fazeel Asif Jah, CEO Punjab Public Private Partnership Authority Amjad Ali Awan former LCCI office-bearers and EC members also spoke on the occasion.
Redha Al-Saleh said that Pakistani businessmen should avail benefit of Oman’s FTA with United States through joint ventures with their Oamni counterparts. They can make investment in different economic sectors as Oman is now allowing 100 percent foreign direct investment.
He said access to Saudi Arabia and other regional countries through Oman is comparatively easy and time saving. He said that Oman is a gateway for Pakistan to access Gulf, Africa and other regional market while Pakistan is a gateway for Oman to access Central Asia, China and other markets.
He said that Oman has keen interest in the development of Gwadar and has presented a proposal to Prime Minister for Ferry Service from Gwadar to Oman. He said that the bilateral trade of USD 500 million between Oman and Pakistan is not reflecting the actual potential of the two countries. Collective and strong efforts are needed to increase it.
“Oman is interested in importing more of textile products, meat & livestock, fruits & vegetable, surgical goods and skilled & semi-skilled workforce from Pakistan,” he said.
LCCI President Mian Nauman Kabir said that Oman is an important maritime neighbor of Pakistan and is not only the fellow member of Pakistan in Organization of Islamic Cooperation but we also have excellent close, warm, brotherly, cordial and deep relations.
He said that Pakistan-Oman Joint Investment Company is actively engaged to promote trade between Oman and Pakistan. Both Pakistan and Oman have sound cooperation in defence which include joint war exercises and defence procurement. Oman also houses a number of Pakistanis as expatriates. He said that in 2020-21, the imports of Pakistan from Oman stood at 387 million dollars while our exports to Oman were around 133 million dollars. The same trend is being observed in current fiscal year (from July to November 2021) as imports were to the tune of 117 million dollars and exports ranged to 71 million dollars.
