Bank Muscat, the flagship financial services provider in the Sultanate, in pursuance of the private sector role in the economic development of Oman, led a delegation to Malta comprising members from the bank and Riyada — the Public Authority for SME Development (PASMED).
Ilham al Hamaid, AGM — SME Credit, Marketing & Regional Corporates, led the delegation which visited Malta Enterprise; Malta Chamber of Commerce, Enterprise and Industry; Malta Confederation of Women’s Organisations; Institute of Tourism Studies; Life Science Park; University of Malta; Malta College of Arts, Science and Technology; Women Directors in Malta and Bank of Valletta.
Ilham al Hamaid said: “Bank Muscat is proud to be closely involved in the strengthening of trade and investment relations between Oman and Malta. Based on the outcome of the meetings with the various Malta entities, possible avenues for cooperation are being identified and an appropriate strategy formulated for embarking on a new frontier of mutually beneficial association with counterparts in Malta, thereby contributing to strengthening of relations between the two friendly countries.”
The two sides discussed the execution strategy of a Memorandum of Understanding (MoU) signed in April this year between Malta Enterprise, the development agency that facilitates international investment in Malta, and Bank Muscat for setting up a Business Forum for SMEs. Taking forward the strategy for investment collaboration between Oman and Malta, an SME forum will be organised in Oman in the first quarter of 2016.
Oman’s favourable investment climate covering various sectors and the thrust on SME development were highlighted in the meetings. The delegation mooted steps to explore avenues for better collaboration between the two sides.
The discussions noted that huge potential exists for cooperation in different sectors of the economies of Malta and Oman. There is political commitment and willingness on both sides to enhance cooperation between the two countries, making it easier to achieve the set objectives. Malta and Oman can take advantage of the strategic geographical position they both occupy in their respective regions, the officials added.