Oman-Mauritius business forum highlights prospects for trade and investment exchange
Published: 04:05 PM,May 20,2024 | EDITED : 08:05 PM,May 20,2024
14 Oman Mauritius
MUSCAT, MAY 20
The Oman Chamber of Commerce and Industry (OCCI) recently hosted the Omani-Mauritius Business Forum to enhance cooperation, trade, and investment exchanges between the two countries. Key areas of focus included financial and banking services, real estate development, information technology, renewable energy, engineering services, contracting, and tourism. This forum aimed to strengthen cooperation, consolidate trade relations, exchange experiences, and explore joint opportunities.
Engineer Hamoud bin Salem al-Saadi, Second Deputy Chairman of the Board of Directors of OCCI, highlighted the historical ties between Oman and Mauritius. “The forum seeks to write a new page in the deep-rooted relations between the Sultanate of Oman and the Republic of Mauritius, entitled economic cooperation,' he stated. He referenced historical agreements from the 1800s and the Treaty of Friendship and Trade in 1844, which laid the groundwork for commercial exchanges.
Sheikha al Alawiya from the Department of International Relations Organizations noted that the forum aims to improve trade exchange and increase Omani exports to Mauritius. 'During the two-sided meetings, Omani businessmen will get to know the businessmen of the Republic of Mauritius in various sectors,' she added.
Trade between the two countries has significantly increased in recent years. Data from the National Center for Statistics and Information shows a rise from about RO 5.6 million ($14.58 million) in 2021 to approximately RO 189 million ($492 million) in 2022, and RO 101.5 million ($264.2 million) in 2023.
The forum underscored the strategic importance of Oman and Mauritius in global trade, given their prime locations along the Indian Ocean. This geographical advantage opens up vast opportunities for trade and investment exchange, supported by the economic visions of both countries aimed at growth and diversification. The strategic locations of Oman and Mauritius not only enhance trade flows but also pave the way for new avenues of strategic investment and cooperation between the private sectors, particularly in supporting small and medium-sized enterprises.
Showkutally Soodhun GCSK, Ambassador of the Republic of Mauritius to the Sultanate of Oman and GCC, expressed optimism that the forum would pave the way for broader cooperation and the development of trade and investment relations. 'There are many sectors full of opportunities to create a sustainable partnership between the private sector on both sides,' he said.
Hemraj Ramnial CSK, Chairman of the Economic Development Board of the Republic of Mauritius, emphasized the importance of diversifying sectors and strengthening the role of the private sector. “Strengthening the role of the private sector and diversifying sectors will have an effective impact in promoting and stimulating joint investment,' he noted, highlighting numerous opportunities for cooperation across various sectors.
A visual presentation at the forum showcased the investment, tourism, and economic environment in Oman, highlighting incentives and facilities for investors in different sectors. Special economic zones, free zones, and industrial zones were particularly noted for their comparative advantages.
Engineer Saleh al Shanfari, Chairman of the Food Security Committee, stressed the opportunities provided by Mauritius to businessmen. 'This meeting helps in understanding mechanisms of work in the financial sector and how we can benefit from their experience in developing our financial sector,' he said, pointing out the strategic advantages and safety of Mauritius as an investment destination.
The Mauritius delegation also presented investment opportunities in their country, emphasising its status as a reliable international financial center. Mauritius ranks first on the African continent for economic business and thirteenth globally, making it an attractive destination for investment and business.
The forum included a discussion session on opportunities in the real estate sector, tourism, ICT, and the free ports sector in Mauritius. It was accompanied by two-sided meetings between Omani business owners and their Mauritian counterparts, aimed at enhancing cooperation, consolidating trade relations, exchanging experiences, and exploring joint cooperation opportunities.
The Oman Chamber of Commerce and Industry (OCCI) recently hosted the Omani-Mauritius Business Forum to enhance cooperation, trade, and investment exchanges between the two countries. Key areas of focus included financial and banking services, real estate development, information technology, renewable energy, engineering services, contracting, and tourism. This forum aimed to strengthen cooperation, consolidate trade relations, exchange experiences, and explore joint opportunities.
Engineer Hamoud bin Salem al-Saadi, Second Deputy Chairman of the Board of Directors of OCCI, highlighted the historical ties between Oman and Mauritius. “The forum seeks to write a new page in the deep-rooted relations between the Sultanate of Oman and the Republic of Mauritius, entitled economic cooperation,' he stated. He referenced historical agreements from the 1800s and the Treaty of Friendship and Trade in 1844, which laid the groundwork for commercial exchanges.
Sheikha al Alawiya from the Department of International Relations Organizations noted that the forum aims to improve trade exchange and increase Omani exports to Mauritius. 'During the two-sided meetings, Omani businessmen will get to know the businessmen of the Republic of Mauritius in various sectors,' she added.
Trade between the two countries has significantly increased in recent years. Data from the National Center for Statistics and Information shows a rise from about RO 5.6 million ($14.58 million) in 2021 to approximately RO 189 million ($492 million) in 2022, and RO 101.5 million ($264.2 million) in 2023.
The forum underscored the strategic importance of Oman and Mauritius in global trade, given their prime locations along the Indian Ocean. This geographical advantage opens up vast opportunities for trade and investment exchange, supported by the economic visions of both countries aimed at growth and diversification. The strategic locations of Oman and Mauritius not only enhance trade flows but also pave the way for new avenues of strategic investment and cooperation between the private sectors, particularly in supporting small and medium-sized enterprises.
Showkutally Soodhun GCSK, Ambassador of the Republic of Mauritius to the Sultanate of Oman and GCC, expressed optimism that the forum would pave the way for broader cooperation and the development of trade and investment relations. 'There are many sectors full of opportunities to create a sustainable partnership between the private sector on both sides,' he said.
Hemraj Ramnial CSK, Chairman of the Economic Development Board of the Republic of Mauritius, emphasized the importance of diversifying sectors and strengthening the role of the private sector. “Strengthening the role of the private sector and diversifying sectors will have an effective impact in promoting and stimulating joint investment,' he noted, highlighting numerous opportunities for cooperation across various sectors.
A visual presentation at the forum showcased the investment, tourism, and economic environment in Oman, highlighting incentives and facilities for investors in different sectors. Special economic zones, free zones, and industrial zones were particularly noted for their comparative advantages.
Engineer Saleh al Shanfari, Chairman of the Food Security Committee, stressed the opportunities provided by Mauritius to businessmen. 'This meeting helps in understanding mechanisms of work in the financial sector and how we can benefit from their experience in developing our financial sector,' he said, pointing out the strategic advantages and safety of Mauritius as an investment destination.
The Mauritius delegation also presented investment opportunities in their country, emphasising its status as a reliable international financial center. Mauritius ranks first on the African continent for economic business and thirteenth globally, making it an attractive destination for investment and business.
The forum included a discussion session on opportunities in the real estate sector, tourism, ICT, and the free ports sector in Mauritius. It was accompanied by two-sided meetings between Omani business owners and their Mauritian counterparts, aimed at enhancing cooperation, consolidating trade relations, exchanging experiences, and exploring joint cooperation opportunities.