Latest news with #IndustryandInvestmentPromotion
Muscat Daily
an hour ago
- Business
- Muscat Daily
Oman, Kazakhstan strengthen economic ties with new cooperation agreement
Muscat – Oman and the Republic of Kazakhstan have forged stronger economic, financial and investment ties, following high-level discussions held during an official visit by an Omani delegation to Astana from May 29 to 30. The delegation, led by Sultan bin Salim al Habsi, Minister of Finance, included senior representatives from the Ministry of Commerce, Industry and Investment Promotion, the Tax Authority, and the Oman Investment Authority. The visit aimed to deepen bilateral cooperation and explore mutually beneficial opportunities across several strategic sectors. Habsi met with Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, and conveyed greetings from His Majesty Sultan Haitham bin Tarik, along with his best wishes for continued progress and prosperity for the Kazakh leadership and people. A key outcome of the visit was the signing of a bilateral agreement to avoid double taxation and prevent tax evasion on income and capital. The agreement is expected to enhance transparency and create a more attractive environment for investors from both nations. The talks also focused on expanding cooperation in logistics, mining, and food security – areas identified as having strong potential for joint investment. Opportunities in the financial and oil sectors were also on the agenda, as both countries seek to strengthen their economic frameworks and diversify sources of revenue. Officials noted that the visit reflects the commitment of both nations to deepen economic engagement and lay the groundwork for long-term partnerships in priority sectors.
Observer
16 hours ago
- Business
- Observer
HM's greetings conveyed to President of Kazakhstan
ALMATY: President Kassym-Jomart Tokayev of the Republic of Kazakhstan, received Sultan bin Salim al Habsi, Minister of Finance and his accompanying delegation, as part of his official visit to the Republic of Kazakhstan. During the meeting, the minister conveyed the greetings of His Majesty Sultan Haitham bin Tarik along with his best wishes to the president and further progress and prosperity for Kazakh people. During the visit, an agreement was signed on double taxation and the prevention of fiscal evasion with respect to taxes on income and capital between the two sides. Investment opportunities were also discussed to increase trade volume in the fields of logistics, mining and food security. Aspects of cooperation in the financial sector were also discussed, as well as investment cooperation related to the oil sector with the Kazakh side. This visit comes within the framework of enhancing cooperation between the Sultanate of Oman and the Republic of Kazakhstan, with the aim of fostering bilateral relations in the economic, financial and investment fields. The minister of finance accompanied a delegation comprising several officials from the Ministry of Commerce, Industry and Investment Promotion, the Tax Authority and the Oman Investment Authority, to discuss areas of cooperation and enhance relations between the Sultanate of Oman and the Republic of Kazakhstan. — ONA
Muscat Daily
4 days ago
- Business
- Muscat Daily
$30bn trade target as Oman-Iran bilateral ties deepen
Muscat – Oman and Iran are targeting a sharp increase in bilateral trade, aiming to grow the current volume of US$2bn to US$30bn within three years. The announcement was made during a high-level business meeting held at Al Alam Palace in Muscat, attended by Iranian President Dr Masoud Pezeshkian and Omani and Iranian business leaders. President Pezeshkian called for stronger links between economic corridors and ports in both countries to develop trade and investment cooperation with the aim of increasing the trade volume. He said Iran is ready to work with Oman across economic, scientific and cultural sectors, and emphasised the importance of facilitating financial transfers to support business operations. 'We are committed to building partnerships across multiple sectors and ensuring that the benefits are mutual,' he said, adding that Iran remains focused on promoting security and stability in the region while supporting the broader Muslim community. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, said Oman is working to diversify its economy under the guidance of His Majesty Sultan Haitham bin Tarik. He encouraged the Iranian delegation to explore opportunities in sectors such as renewable energy, tourism, logistics, food security and industry. 'Trade between Oman and Iran grew by over 50% last year, and the number of Iranian companies operating in Oman rose 70%,' the minister said. He cited the opening of an Iranian biopharmaceutical factory, a petrochemical plant and other industrial projects in Oman as examples of growing cooperation. He also highlighted the Sarooj Complex as a key Omani investment in Iran. Faisal bin Abdullah al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said formation of the Omani-Iranian Joint Business Council has helped boost trade exchange and address challenges faced by business leaders in both countries. 'This meeting under the patronage of the leadership sends a clear signal of support for the private sector's role in building durable economic ties,' he said. Faisal bin Abdullah al Rowas, Chairman of Oman Chamber of Commerce and Industry Rowas underlined OCCI's focus on key sectors, including maritime transport, renewable energy and logistics. He reaffirmed the chamber's commitment to supporting partnerships between the private sectors in both countries. Samad Hassanzadeh, President of Iran Chamber of Commerce, Industries, Mines and Agriculture, urged business leaders to use the preferential trade agreement between the two nations to build stronger ties. He called for a clear roadmap and regular meetings to keep the momentum going. Mohammed Abdulhussein Baqer, Omani Co-Chair of the Omani-Iranian Joint Business Council, said it is working on a series of strategic initiatives to raise trade and investment flows. These include setting up permanent sea and air routes, launching an exchange company to support financial transfers and developing an online platform to connect exporters, importers and investors from both sides. Jamal Razeqi Jahromi, Iranian Co-Chair of the joint council, said the current trade volume does not reflect the historical relations between Oman and Iran. He urged business leaders to take advantage of the agreements signed during President Pezeshkian's visit to expand cooperation.
Muscat Daily
6 days ago
- Business
- Muscat Daily
Public feedback invited to modernise Oman's commercial rules
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has invited public feedback on proposed amendments to the Commercial Law and Commercial Registry Law, as part of efforts to modernise the sultanate's legal framework and support economic growth. The move aims to bring regulations in line with global business practices and increase confidence in commercial transactions. The Commercial Law under review was issued via Royal Decree 55/90. In a statement, the ministry said the initiative is intended to ensure that the law keeps pace with developments in the business environment and contributes to the sultanate's economic advancement. Business owners, stakeholders and members of the public have until May 31, 2025 to submit comments. Proposed changes include revising the definition of a 'merchant' to cover digital commerce, digitising procedures related to commercial ledgers, and updating regulations governing sale and mortgage transactions. Rules for commercial agencies and the use of commercial papers are also being reviewed to reflect technological developments and improve legal clarity. MoCIIP is also looking to reform the Commercial Registry Law to simplify registration and update processes, reduce paperwork, and integrate the registry with other government platforms. Other proposals include adjusting penalties for violations to make them proportionate and improving accuracy of records by removing outdated data. The public can review current laws and submit suggestions via email to [email protected] before the May 31 deadline.
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
Qatar, Oman discuss enhancing trade and investment cooperation
MUSCAT: Minister of State for Foreign Trade Affairs at the Ministry of Commerce and Industry HE Dr Ahmed bin Mohammed Al Sayed and Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman HE Qais bin Mohammed Al Yousef have discussed the growing economic relations and ways to enhance joint cooperation in trade and investment in order to achieve mutual interests and contribute to advancing economic development in the two brotherly countries. This came on the sidelines of his visit to the Sultanate of Oman, heading an official Qatari trade and investment delegation comprising several government institutions and representatives from the private and public sectors. As part of the visit, the Minister of State for Foreign Trade Affairs at the Ministry of Commerce and Industry met with Chairman of the Public Authority for Special Economic Zones and Free Zones in the Sultanate of Oman Dr Ali bin Masoud Al Sunaidy, with the meeting focusing on areas of cooperation in developing free zones and exchanging expertise on business environments that attract investment.
