Uzbekistan – Oman Intergovernmental Commission’s Meeting on Trade and Economic Cooperation

The 4th Meeting of the Intergovernmental Commission on Trade and Economic Cooperation between Uzbekistan and Oman took place via videoconference.

According to Uzbekistan MIFT, the meeting was co-chaired by Deputy Minister of Investments and Foreign Trade of Uzbekistan Shukhrat Vafoyev and Undersecretary for Diplomatic Affairs at the Foreign Ministry of Oman Sheikh Khalifa Alharthy. The meeting was also attended by the heads of key ministries and agencies of the two countries.

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

At the meeting, participants identified promising growth points of multifaceted cooperation and agreed on mechanisms for promoting new joint projects, programs and initiatives in promising areas.

The broad opportunities for enhancing investment cooperation and developing mutual trade in the oil and gas, chemical, energy and electrical industries, food production, construction materials, tourism and other spheres were noted. An agreement was reached on joint study of opportunities for increasing trade turnover, preparation of proposals to eliminate existing trade barriers.

The parties expressed mutual readiness to work together 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 Uzbekistan – Oman 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 activity of UzOman Capital Investment Company, which has implemented investment projects worth about $200 million, was noted. The parties agreed to actively use the created effective joint platform to attract Omani and other foreign investors.

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

Following the meeting, a corresponding protocol was signed reflecting the agreements on further cooperation in each of the areas considered, reached during the event.

UzA