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Oman Takes Part in Partnership Summit in India

Oman Takes Part in Partnership Summit in India Oman (Muscat) - The Sultanate will take part in January 24th in the Partnership Summit, due to be held in Mumbai, the Republic of India and lasts for two days with participation of more than '1200' participants representing '30' countries.

In a press conference held today at Crowne Plaza Muscat Hotel, Eng. Nisreen Ahmed Jaffar, Director General of Investment Promotion at the Omani Centre for Investment Promotion and Export Development "OCIPED" said that the Sultanate's participation in this summit will be for the 7th consecutive time.

She also added that the Sultanate's delegation will be led by Maqbool bin Ali bin Sultan, Commerce and Industry Minister and the membership of Salim bin Nasser al Ismaili, Chief Executive Officer "CEO" of OCIPED,  Khalil bin Abdullah al Khunji, Chairman of Oman Chamber of Commerce and Industry (OCCI) and a number of senior officials and businessmen from the governmental and private sectors.

She also added that during the Summit, the Commerce and Industry Minister will deliver a speech during which he will touch on the aspects of the Omani economy and the available investment opportunities in various economic sectors. "During the Summit, a panel discussion will be held on the available investment and trade in the infrastructure sector, free zones and a number of economic fields. The panel discussion will highlight the most important projects to be implemented during the 8 five-year plan (2011-2015)" She added.

She also added that the topic of the Partnership Summit in India will be under the theme of "New Partnerships for Economic Resurgence". "The summit will attract a number of businessmen from different countries to discus the nature and strategies of collective action that would enhance the world economic stability to solve the continues challenges relating to the current financial crisis and the assistance for human development.

On his turn, Jamal Tawfiq Aziz, Deputy Chief Executive Officer (CEO) of Sohar Industrial Port Company said that the company seeks through the participation in this summit to promote for the port, its services and the available facilities to attract more investment projects during the upcoming period, particularly projects related to steel industries, as well as, projects that would benefit from the site of Sohar Port as a regional Logistics centre for all goods.

"Sohar Port is currently witnessing good growth by attracting a fair volume of investments. It is expected that the investment in the port would rise in the future with the innovation of other means of transportation in the area and the establishment of the free zone. 80% of the land of the port is already in use," he added.

Dr. Morris Jakez, advisor of A'Duqum project at the National Economy Ministry said that the government uses A'Duqum for activating the Al Wusta Region and promoting the commercial and investment movement by benefiting from the strategic location of the area, in addition to the diversity of income sources and employment, qualification and training of the Omanis, emphasizing that the government has pumped large investments for providing the infrastructure of the port.

"The partnership summit will provide definition to the features of A'Duqum port and the most important facilities and services for attracting the investments to the area in the various fields including industrial, tourism and mining fields, as well as, the fisheries sector. The port consists of a dry dock with capacity of 10 huge ships at the same time and it is expected to be inaugurated in April. It is also expected that the all works of the port will be inaugurated in May 2012, pressing that the Omani ports are completing each other and aim at developing the national economy and diversifying of income sources," he added.

Pankaj Khimji, Chairman of the Omani side in the Omani-Indian Businessmen Council said that the council is an effective step for realizing the cooperation, partnerships and coordination between the businessmen and investors in the two states as it will also promote the available investment opportunities, facilities and incentives.

"The sultanate uses this participation for promoting the economic sectors by the participation of 50 Omani companies. Coordination with the Indian industrial union for holding the bilateral meetings between the Omani companies and the Indian companies, in addition to organizing an exhibition for the products of the companies participating in the conference," he added.

Pankaj said that the two countries have recently signed the agreement for the establishment of the Omani-Indian Investment Fund with initial capital of $100m. There is intention for increasing the capital to be $1 or $2 billions for founding investment partnerships in various fields, such as, the infrastructure projects, airports, ports and real-estate projects.

The Sultanate uses this participation in the Partnership Summit in India for developing the joint cooperation between the private sector in the two throughout the council activities in fields of exchange of experience and skills in the industrial sector, development of small and medium enterprises (SMEs), supporting the self-employment projects and cooperation in the private medical sector, as well as, cooperation in technical and technological education that would provide the national qualified cadres to the private sector enterprises so the participation of the council in the summit will enhance the economic and commercial partnerships between the two friendly countries.

It is worth mentioning that the economic and commercial exchange between India and the Sultanate of Oman started long time ago as there were several higher level visits between the two countries to help in forming the suitable political environment for broadening the economic ties. Several agreements were signed on the avoidance of double taxation and the promotion and protection of the mutual investments.

India is considered the most prominent commercial and investment partner for the Sultanate. The foreign direct investment from India rose from RO. 32.9m in 2002 to RO. 188.4m in 2008.

The Partnership Summit in India is an annual event organized by the Confederation of Indian Industry. The event is attended by state presidents, ministers, senior executive presidents, decision makers and investors.

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