ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan on Tuesday highlighted the significant potential for enhancing bilateral trade between Pakistan and Oman during a meeting with a high-level Omani delegation led by Ibtisam Al Farouji.
The minister welcomed the delegation and underscored the historical ties and economic opportunities between the two nations.
Khan stated that the Ministry of Commerce is in the process of opening a new trade mission in Oman, which will ultimately enhance trade relations between the two countries.
The minister invited Omani investment in both bilateral and trilateral modes and assured full cooperation and facilitation in this regard.
He informed the Omani delegation about Pakistan’s strong sectors, such as IT, sports, renewables, and fruits, and highlighted incentives for investment, including cheap labour, port handling, and logistics.
The Ministry of Commerce has launched a new policy, “Middle East Reconnect” to strengthen trade relations with Middle Eastern countries, including Oman.
Ibtisam Al Farouji, head of the Omani delegation, agreed that there is substantial potential for trade enhancement between the two countries, particularly in steel, renewable energy, and the pharmaceutical industry.
She invited Pakistani investments in Oman’s manufacturing sector, offering incentives such as cheap gas and raw materials. She also showed interest in acquiring raw materials from Pakistan, due to close proximity and low logistics costs, especially in iron ore, fruits, and vegetables.
She informed the minister that she had a couple of meetings with the Chamber of Commerce today and would hold sectoral business meetings tomorrow in Islamabad.
Both sides expressed optimism about the future of bilateral trade and investment, underscoring the need for continued dialogue and cooperation to fully realize the economic potential of their relationship.
Copyright Business Recorder, 2024
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