The agreements were signed on behalf of the Sultanate’s government by Ahmed bin Abdulnabi Macki, minister of national economy and deputy chairman of the Financial Affairs and Energy Resources Council and from Uzbekistan’s side by Rustum Azimov 1st deputy prime minister and finance minister of Uzbekistan. Macki told Oman News Agency (ONA) that signing the two agreements is deemed as a legal framework for establishing cooperation between the two countries in trade and joint investments ventures.

The agreements will organise investments in the public and private sectors in both countries, alleviate tax burdens, remove financial and economic barriers before investment and cut down their operational cost, increase profitability to diversifying source of income, Macki said. Adequate guarantees would be given to investors to protect their investments against non-trade risks to activate the private sector and achieve economic benefits for both countries. It will also ensure stability for investors and guarantee their rights as have been outlined in the agreement, he added.

It is worth mentioning that the Sultanate has so far signed 30 agreements on avoidance of double taxation and looking forward to sign more agreements for their importance and benefit in enhancing trade exchange, economic and investment ratio between the Sultanate and rest of the world. Macki held two official sessions of talks with Rustum Azimov, first deputy prime minister and finance minister and Elyor Ganiev, minister of external economic relations, investments and trade in Uzbekistan. Separately the meetings discussed a number of topics relating to promotion and enhancing of existing bilateral cooperation between the Sultanate and Uzbekistan.

Macki underlined the efforts made by the Sultanate’s government with regard to the developmental planning policies, implementation of infrastructure projects, developing the private sector, diversifying source of income, training of human resources at the state’s administrative apparatuses. The government has also encouraged individual initiatives and investments.

The Omani economy has recently achieved good progress, due to the steady growth in non-oil sectors, and expediting the economic diversification and privatisation policies, Macki said. The Sultanate is encouraging new industries, such as, the petrochemicals, fertilisers iron and steel smelters, the dry dock for ship repair besides tourism and service projects in the Sultanate, he added. Macki underlined the Sultanate government’s keen desire to establish joint cooperation with Uzbekistan in trade and investments fields in the public and private sectors. It will include processing industries, energy, transport, communications, agriculture, health and manpower.

On his turn, Uzbekistan’s first deputy prime minister and finance minister underlined his country’s government’s keenness to establish joint trade and investment cooperation.

He referred to the Sultanate’s balanced foreign and domestic policy, saying that the Sultanate’s economic and development policies were appreciated by international organisations and institutions, the report said.

He said that his country has plenty of investment projects in the field of energy, tourism and industry. Signing of the two agreements will encourage the public and private sectors in both countries to domore investments.

Meanwhile, Uzbekistan’s minister of external economic relations, investments and trade underlined the importance of organising exhibitions and sharing expertise to increase volume of trade reciprocal and joint investments in both countries.