Oman, Lebanon
Explore Boosting Economic, Investment Cooperation

Muscat, 26 Oct
(ONA) — Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and
Investment Promotion, received Dr. Amer Bassat, Minister of Economy and Trade
of the Lebanese Republic, at the Ministry’s headquarters today. This meeting
was held within the framework of strengthening the economic and commercial
relations between the Sultanate of Oman and the Lebanese Republic.

The meeting reviewed
aspects of trade, investment, and industrial cooperation, and explored ways to
develop them to achieve mutual interests. It also discussed a set of proposed
initiatives to enhance economic integration, increase trade exchange, and activate
maritime and air shipping lines between the two countries.

The two sides
also discussed the potential for enhancing the utilization of the Greater Arab
Free Trade Area agreement to expand the base of trade exchange, exploring the
participation of Omani and Lebanese companies in joint projects and maximizing
the benefits of re-export, in addition to examining the establishment of a
joint Omani-Lebanese Business Council to develop relations between business
communities in both countries.

The meeting
touched upon opportunities for industrial and logistical cooperation, and the
possibility of inviting Lebanese companies to benefit from the economic and
industrial zones in the Sultanate of Oman for the storage and re-export of
Lebanese food products, as well as forming joint working teams to study export
and import opportunities between the two countries.

The two sides
highlighted the importance of the Omani-Lebanese Forum and the accompanying
trade exhibition, scheduled to be held tomorrow, Monday, at the Oman Convention
and Exhibition Centre, with wide participation from public and private sector
institutions in both countries. The aim is to enhance communication between
business owners and showcase available investment and trade opportunities, in
addition to signing memoranda of understanding that will contribute to the
development of common economic relations.

Qais bin Mohammed Al Yousef affirmed that the
Sultanate of Oman attaches great importance to enhancing its economic
partnerships with various countries, including the Lebanese Republic. He
indicated that the meeting represented an important opportunity to explore
future areas of cooperation and exchange ideas on developing trade and
investment relations to serve the mutual interests of the two brotherly
countries.

— Ends/Khalid