Pak businessmen invited to avail benefit of Oman's FTA with US.

Oman is one of a few countries having Free Trade Agreement with the United States. It is also an 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 (OCCI) Engr Redha Al-Saleh while speaking at the Lahore Chamber of Commerce and 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 informed the participants of the meeting that Oman is working on the vision of 2040. 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.

Head of the Omani delegation said that Oman has relaxed rules and regulations to encourage foreign investment, ensuring registration of overseas businesses within 48 hours.

'Oman is interested in importing more of textile products, meat and livestock, fruits and vegetable, surgical goods and skilled and semi-skilled workforce from Pakistan,' he said.

He added that the COVID-19 has underlined the need for food security and manufacturing of goods. Oman and Pakistan can also work together in these particular areas.

LCCI President Mian Nauman Kabir said Pakistan-Oman Joint Investment Company is actively engaged to...