Monday 16 / September / 2024
Muscat: Oman can become a gateway for many international companies to the African market due to its strong bilateral relationships with the African countries, said the executive director of Al Iktissad Wal Aamal, the organiser of Oman Economic Forum.
“Oman is a stable country with lots of infrastructure and resources so that Oman can easily cater the Asian market,” Walid Abou Zaki, the executive director of Al Iktissad Wal Aamal said.
He pointed out that the Sultanate’s geographical location and its infrastructure, besides its historical relationships with African nations make the country one of the best options to Asian countries to enter the African market.
“Our main aim is to promote business and investment opportunities in Oman to the local and international investors,” Walid Abou Zaki told ‘Times of Oman’.
To achieve the goal, he said Iktissad Wal Aamal will be organising Oman Economic Forum (OEF) — a platform for businessmen and investors to meet and share their ideas of business The fifth edition of the OEF will take place at the Shangri-La Barr Al Jissah Resort & Spa in Muscat on March 23.
The forum is expected to host around 500 investors from Oman and the Arab states. This include more than 100 global investment fund members from the Co-investment Roundtable of Sovereign and Pension Funds (CROSAPF) whose meeting coincides with the forum, as well as delegations from China, Japan, Iran, Turkey and other Asian countries.
The two-day forum is being organised by the Ministry of Commerce and Industry and the Al Iktissad Wal Aamal Group in cooperation with the State General Reserve Fund, Duqm Special Economic Zone Authority (Sezad), Central Bank of Oman and Oman Chamber of Commerce & Industry. The theme for this year's forum is ‘Oman a bridge Between Asia & the GCC’.
On the other hand, the official pointed out that it won’t be easy to start a business in Iran after years of approvals. Iranian regulation will need time to become friendly to foreign investors and the market will also need time to adapt with international business arena.
“So an Indian company or any (other) multinational company can operate from Oman to serve the Iranian market taking into consideration the facilities, regulations, free trade agreements, logistics and the advanced infrastructure of Oman,” Walid Abou Zaki said.
“The CEO-level officials from investment firms, banks and other companies who are looking to operate from Oman will be the participants,” he added.
Four Oman’s ministers along with the other speakers will present the overview of Oman economy at the event, he said.
“Ministers will share their thoughts about the ninth-five year plan, how Oman will overcome the low (oil) price period, diversification and Oman economic outlook to the participants of the forum,” he said.
Ministers from China, Iran and Japan will also attend and speak during the forum, besides a full session about investment opportunities in Iran. Other speakers will showcase what Oman can serve and what it has, he added.
He also stated that this forum also want to show the investment opportunities in different sectors in Oman such as mining, electricity, tourism and education. According to him, it is the right time for private sector to invest and take over many projects from government.
“Right now, government does not enjoy the same amount of money as before, and it will focus on strategic projects and not on services. So we expect the government to soften a lot of rules to partner with the private sector where more money to government and better service to people,” he said.
