Ahmed bin Abdulnabi Macki, minister of national economy of Oman and deputy chairman of the Financial Affairs and Energy Resources Council, visited Uzbekistan accompnied by delegation comprising of Hamood Sangour Al Zedjali, executive president of Central Bank of Oman (CBO), Saud bin Nassir Al Shakili, secretary-general of taxation at the Ministry of Finance, Khalil bin Abdullah Al Khonji, chairman of the Oman Chamber of Commerce and Industry, Mohammed bin Said Al Lawati, the Sultanate's non-resident ambassador to Uzbekistan, and a number of officials from the Finance Ministry, the National Economy Ministry and the State Reserve Fund. A delegation of Omani businessmen, which included Essa bin Mohammed Al Zedjali, chairman and editor-in-chief of Times of Oman, also accompanied the minister.

Macki held talks with senior Uzbek government officials on promoting bilateral relations and strengthening cooperation between the two countries. The Omani private sector officials explored the potentials and opportunities for business development and trade cooperation in order to increase the volume of trade and cooperation.

The main outcomes of the meeting were:

1. Signing of the agreements on avoidance of double taxation and tax evasion on income and capital, and agreement on promotion and protection of joint investments.

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. 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.

2. Oman Chamber of Commerce and Industry (OCCI) and Uzbekistan's Commerce and Industry Chamber signed an agreement to establish the Omani-Uzbeki Businessmen Council. The agreement was signed on behalf of the Omani side by Khalil bin Abdullah Al Khonji, chairman of OCCI, and from Uzbeki side by Alisher Shaikhov, chairman of Uzbekistan's Chamber of Commerce and Industry.

3. The Sultanate and Uzbekistan had agreed on establishing a joint investment company with a capital of US$500 million, with the government of the Sultanate holding 75% of its shares and Uzbekistan 25%. The company would operate in the field of investment and establishment of joint projects between the two countries in various spheres.

Source: UzDaily.com, UzReport.com