Oman, Lebanon eye trade, investment ties

MUSCAT: The Omani-lebanese Business Forum, organised by Oman Chamber of Commerce and Industry (OCCI) on Sunday, explored the available opportunities to promote investment and trade exchange between the Sultanate of Oman and Lebanon.

It also discussed the best ways to build and enhance partnerships between the Omani and Lebanese businesspeople.

The forum, which was held on the sidelines of an official visit by a Lebanese business delegation to Oman, started with a speech given by Ridha bin Juma al Saleh, OCCI Chairman. During his speech, he stated that the private sector plays a great role in developing the commercial and economic relations between the two countries. He explained that there is a mutual ambition to promote and develop such relations to reflect positively on the volume of trade exchange and investment between the Sultanate and Lebanon.

“Although the volume of trade exchange between Oman and Lebanon amounted to RO 17,021,684 in 2020, this figure does not reflect the ambitions of the Omani and Lebanese business people. There are many promising areas of cooperation between the two parties generated by Oman Vision 2040 with its objectives, pillars and executive framework, ” Ridha said.

“The forum was held at a time when the mutual relations between Oman and Lebanon are growing in many fields as manifested by the exchange of visits by business delegations from the two parties. This prompts the private sector companies at the two countries to work on sustaining their cooperation and partnerships while focusing on the productive sectors including industry, agriculture, tourism, brands and franchise,” Chairman of the OCCI said.

On his turn, Mohamed Choucair, Head of Economic Organizations and Chairman of the Federations of Commerce, Industry and Agriculture in Beirut and Mount Lebanon, gave a speech in which he thanked the OCCI on its invitation to the Lebanese business delegation. He stated that this invitation demonstrates a strong will and determination to move forward in establishing the best economic relations between the two sisterly countries particularly between the private sector establishments in Lebanon and Oman.

During the forum, the Ministry of Commerce, Industry and Investment Promotion presented a paper “Invest in Oman” which explored the competitive business environment in Oman that promotes growth and economic diversification and empowers the private sector. The presentation highlighted the investment potentials of the Sultanate of Oman.

There are many promising areas of cooperation between the two parties generated by Oman Vision 2040...the forum was held at a time when the mutual relations between Oman and Lebanon are growing in many fields as manifested by the exchange of visits by business delegations from the two parties

RIDHA BIN JUMA AL SALEH OCCI Chairman