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Economic partnership between Uzbekistan and Oman reaches a new level

The 4th meeting of the Intergovernmental Commission on Trade and Economic Cooperation between the Republic of Uzbekistan and the Sultanate of Oman was held in the format of a videoconference. The meeting was co-chaired from the Uzbek side by the Deputy Minister of Investment and Foreign Trade Sh. Vafaev, and from the Omani side by Deputy Foreign Minister Sheikh Khalifa bin Ali al-Harisi. The meeting was also attended by the heads of key ministries and departments of the two countries.

The agenda of the event included issues of further deepening bilateral cooperation in the areas of investment, trade, economic, cultural, humanitarian, scientific, and technological cooperation, as well as partnerships in the areas of tourism, transport, human resources, and social support.

During the discussion, the meeting participants were able to identify promising growth points for multifaceted bilateral cooperation and agree on mechanisms for promoting new joint projects, programs, and initiatives in promising areas.

Wide opportunities were noted for intensifying investment cooperation and developing mutual trade in the oil and gas, chemical, energy and electrical industries, food production, building materials, tourism, and other areas. An agreement was reached on a joint study of opportunities for increasing trade turnover, preparation of proposals for the elimination of existing trade barriers.

Mutual readiness was expressed for joint work to attract the business circles of the two countries to establish closer ties and implement joint projects. An agreement was reached to hold a regular meeting of the Uzbek-Omani Business Council this year, during which it is planned to consider priority areas of partnership between entrepreneurs of the two states and develop mechanisms for practical support for the implementation of new business initiatives.

The activities of the Uzbek-Omani investment company UzOman Capital, which implemented investment projects totaling about $200 million, were noted. The parties agreed to actively use the created effective joint platform to attract investments from Omani investors, as well as foreign investors in general.

Opportunities were considered for implementing joint projects in the transport sector, attracting investments in the tourism sector, launching joint tourist exchange programs, as well as practical measures to increase mutual passenger and cargo flows and conducting bilateral events aimed at enhancing cultural exchange between the two countries.

As a result of the meeting, an appropriate protocol was signed, reflecting the agreements reached during the event.