KARACHI:Consul General of Oman Muhammad Nasser Hamed Al Mabsali has emphasized on collective efforts to explore investment and trade opportunities in Oman and Pakistan to support each other’s economies. The enhanced economic cooperation had become more important as the trade volume between Pakistan and Oman had descended from $650 million to $250 million due to COVID-19, he said while exchanging views with office bearers of Karachi Chamber of Commerce and Industry during his visit to the Chamber, said KCCI release on Friday. The Omani diplomat said both the Islamic nations were in need to cooperate and partner with each other to achieve the desired high economic growth by promoting bilateral trade and investment in agricultural, industrial, technology, real estate and tourism sectors.
President KCCI Muhammad Idrees Memon, Vice President Qazi Zahid Hussain, Chairman of Diplomatic Missions and Embassies Liaison Subcommittee Zia- ul- Arfeen, former president KCCI Majyd Aziz and KCCI Managing Committee members were also present in the meeting.
Inviting Karachi business community to invest in Oman, the Consul General informed that new laws, privileges and facilities had been introduced for foreign investors, of which the most important one was granting investor’s visa to for five to ten years.
It was high time for investors to fully benefit from the emerging economic avenues as Port of Sohar and very big port of Duqm were ready. “The investors of both countries should contact each other and put their strengths together to utilize and link these ports to Gwadar port”, he asserted adding that 11 industrial estates, four economic zones and two technological parks were available for investment to foreign investors. Gwadar Port was undoubtedly a game changer in the region. And, Oman aimed to become a global logistic hub by 2040, he said.
He said as Consul General, it is my responsibility to play the role of a bridge between the business communities of Oman and Pakistan. Therefore, Omani Consulate gave the highest priority to maintain close ties with the business communities of Karachi and other areas of Sindh and Balochistan, he expressed.
Earlier, President KCCI Muhammad Idrees Memon said that there were number of commodities in which the two countries could enhance trade or establish trade ties.
He identified Pakistani commodities of export potential but not explored included iron ore and concentrates, Turbojets, propellers and other gas turbines, pumps for liquids, centrifuges, polymers of ethylene, electric generating sets and rotary converters and curtains.
The KCCI President also proposed to form Oman-Pakistan Joint Business Council (JBC) to enhance trade and economic relations between both the countries. Although memorandum of understanding had been signed in this regard yet, little progress was seen on this account.
He mentioned that Special Economic Zones being setup under CPEC could provide an ideal opportunity to Omani investors. He also suggested that Pakistan and Oman should cooperate in the field of blue economy which might include strengthening frequent ferry service. The KCCI President also invited Omani business community to participate in KCCI’s ” My Karachi: Oasis of Harmony” international trade exhibition, scheduled to be held in June 2022.