FPCCI chief explains how Pakistan-Oman trade can be increased

KARACHI: Mian Nasser Hyatt Maggo, President FPCCI, has welcomed the visit of a high-profile trade delegation of Oman, led by Engr Redha Al-Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI); along with Pakistan’s Ambassador to the Sultanate of Oman, K K Ahsan Wagan.

During the detailed visit, the delegation discussed the wide-ranging trade, industry and commercial avenues of cooperation, investments and joint ventures, he added. He was addressing the inaugural session of Pakistan-Oman Joint Business Council at the Federation House, Karachi.

The session was followed by a number of interactive Business-to-Business (B2B) meetings between the trade and industry leaders of the two sides.

Mian Nasser Hyatt Maggo said that bilateral trade between the two brotherly countries can be increased manifold, if the right sectors are targeted and visa procedures of Oman is transformed into a more welcoming, swift and facilitative regime for Pakistani traders.

Engr Redha Al-Saleh said that Oman is interested in importing more of textile products, meat & livestock, fruits & vegetable, surgical goods and skilled & semi-skilled workforce from Pakistan. He said that the vibrant and fast-developing IT sector of Pakistan is another area of cooperation, investments and joint ventures between Pakistan and Oman.

He also mentioned that the rules and regulations in Oman have been relaxed to encourage foreign investment and entrepreneurs can register their businesses in Oman within 48 hours now.

Engr Redha Al-Saleh added that now foreigners do not need to have a mandatory ownership of an Omani national to start their business in Oman like before and, on top of that, taxes are on a lower side in Oman as compared to many competing markets.

He also apprised the audience of Oman’s Vision 2040 and the measures being taken to make Oman a business-friendly destination.

There is a world-class direct road being built between Oman and Kingdom of Saudi Arabia (KSA) to further strengthen economic, commercial and tourism linkages with Gulf Cooperation Council (GCC) countries and beyond, he added.

K K Ahsan Wagan stated that there are 260,000 Pakistani nationals currently living and working in Oman. They are contributing in all fields be it medical services, construction sector, industries, banking, IT services or semi-skilled jobs, he added. He expressed his satisfaction that Pakistanis working in Oman are the third largest contributors of foreign exchange and remittances to Pakistan from the Gulf and Middle-East region, after Saudi Arabia and UAE, and they send approximately one billion dollars per year to Pakistan.

Copyright Business Recorder, 2021