MUSCAT: Oman and Pakistan have decided to boost bilateral trade by encouraging business community in both the countries to step forward and play an active role in strengthening economic ties.
A Memorandum of Understanding (MoU) was signed by Oman Chamber of Commerce and Industry (OCCI) and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at the recently held Business Opportunities Forum to set up Oman-Pakistan Joint Business Council (JBC).
The MoU was signed by Redha Juma Mohammed Ali Al Saleh, vice-chairman of OCCI, and Asim Arif Suleman, chairman, Pak-Oman Business Council at FPCCI.
A non-profit organisation, the JBC will be responsible for assisting the business circles of Oman and Pakistan as well as playing an active role in efforts to enhance bilateral economic relations in order to stimulate two-way trade and investment flow.
“The JBC Steering Committee will be composed of ten members from each side and its first meeting is likely to take place in February 2016. That meeting, with key representatives from Oman and Pakistan, will set its future course of action as well as identifying areas of immediate attention,” Asim told ‘Times of Oman’ after signing the MoU.
The JBC aims to ensure direct exchange of information among Omani and Pakistani business communities about economic and market situation, production, business opportunities, as well as technological and industrial cooperation.
The general assembly of the JBC will comprise businessmen from Oman and Pakistan, keen to be a part of the process to strengthen the trade activities with active participation in joint exhibitions.
“We are going to look at every possible way to boost our economic relations with Oman. Involving Pakistani business community in Oman will form an important component of this effort to boost bilateral trade,” Asim added.
The Joint Business Council aims to facilitate contacts among Omani and Pakistani businessmen in economic, industrial and technological cooperation, including joint ventures, transfer of technology, licensing and technical know-how.
In order to ensure its smooth functioning, the business council is likely to form a number of sub-committees and task forces to make recommendations on specific matters.
