The fifth edition of the Oman Economic Forum (OEF) will focus on access to the Iranian market and attracting investments from there as also from Asian countries into the Sultanate, according to Adviser to the Ministry of Commerce HE Moshin Bin Khamis Al Balushi. The forum is being held in the backdrop of sanctions on Iran expected to be lifted soon.
The theme for the forum this time to be held from March 23 to March 24, 2016, will be ‘Oman, a bridge between Asia and the GCC’, he told mediapersons on Monday. The forum is being organised by the Ministry of Commerce and Industry in cooperation and collaboration with Al-Iktissad Wal-Aamal Group.
“Organising the Forum for the fifth year reflects its ongoing success as a platform for exchange and convergence between representatives of the public and private sector, as well as between local and foreign investors. It provides an ample proof on the investors’ confidence in the Sultanate’s economy which has maintained its stability and growth during 2015, despite the plunge in the oil prices,” Khamis Al Balushi said.
The forum aimed at supporting the government’s development plans, in particular those related to promoting the Sultanate as a centre for international trade and transportation among continents, as well as an investment hub.
The two-day session will look at the Sultanate’s economic outlook, financing the future, key investment projects, attracting Asian and Iranian investments, potential for Asian investments in Iran, importance of economic zones and logistic cities as development catalysts and promoting entrepreneurship through SMEs.
He said that around the time of the forum, the Sultanate would have announced its five-year plan which would give the delegates a clear picture of the Sultanate’s plans forward. The amendments to the investment and labour laws would certainly support the forum’s initiatives, he added.
The forum will discuss the Omani-Asian economic relations and potential of Oman as a bridge between these countries and the Arab World. There would a session to discuss investment opportunities in Iran and the importance of facilitating the access of Omani and Asian companies to the Iranian market, and at the same time attracting Iranian and Asian investments to various sectors in the Sultanate.
Al-Iktissad Wal-Aamal executive director Walid Abu Zaki said the forum theme builds on Oman’s importance in the regional politics, economy, and humanitarian sectors. “Oman’s strategic relation with various regional and international countries acts as an effective factor in enhancing and developing the Sultanate’s economy.”
The Sultanate has many advantages ranging from its geographical location, security and political stability, to the reform approach led by His Majesty Sultan Qaboos Bin Said over the past 45 years, which reformed the laws, the facilities and the infrastructure and most importantly the Sultanate’s human workforce, he added.
“Some might consider that the plunge in oil prices could slow down the Sultanate’s economy, and this is possible; but this great country enjoys enough wisdom and is capable of adapting to the changing circumstances. In addition, the decline in oil prices acts as a driving force behind diversifying the economy and the services sector,” Abou Zaki added.
Around 500 participants, including officials, investors and specialists from the public and private sectors from the Sultanate and the region, as well as a number of Asian businessmen interested in investing here were expected, he said.