The Omani Minister of Economy, Dr Saeed bin Mohammed al Saqri expressed the readiness of the Sultanate of Oman to address any potential challenges that might hinder the course of the 'economic, investment and trade cooperation' between Oman and Syria during a forum to explore economic potential between the two nations.
The Omani-Syrian Business Forum took place yesterday and was organized by the Omani Chamber of Commerce and Industry (OCCI).
In his keynote address, Al Saqri highlighted the significant role the private sector plays in strengthening bilateral economic relations.
“The Omani-Syrian economic partnership has significant potential, as private sector companies and business relationships are key drivers for enhancing economic relations between the two countries. The development of these relations is achieved through strengthening ties between private sector institutions in various investment projects and promising strategic sectors in both countries.”
He added: “There is no doubt that the convening of the Omani-Syrian Business Forum will provide numerous economic opportunities between the Sultanate of Oman and the Syrian Arab Republic, as well as stimulate cooperation between the two countries and take advantage of the available investment potential.”
Syrian Economy and Foreign Trade Minister, Mohammad Samer al Khalil, drew on the common national goals between the two nations in his address.
“One of the key national priorities in post-war Syria is achieving a developed economy that supports comprehensive and balanced development through sustainable growth rates and employment. It also aims to achieve social justice within a broad participatory framework that includes all sectors and segments of society. This is based on a diverse productive base that keeps pace with technological and knowledge advancements. It is worth noting that these national priorities are also central to the 2040 plan of the sisterly Sultanate of Oman, which focuses on various foundations, including economic development and efficient resource utilization.”
Al Khalil added: “It is important to emphasize that the outcomes of our meeting should align with the national priorities of both countries. There are ample investment opportunities based on rich and diverse integration, while directing business activities to serve investment goals and enhance the role of the private sector in development through providing it with a leading role.” “
Therefore, we invite the Omani private sector to invest in Syria, whether through establishing direct projects to benefit from the advantages provided by the special investment laws, such as the Investment Law 18/2021, which is one of the most important investment laws in the region, offering tax, customs, security, and procedural incentives. Alternatively, investment can be made through establishing investment companies to achieve partnerships and synergies in two countries that possess the foundations and elements of integration.” In 2021, the Syrian Government introduced a new investment law (18/2021) which offers various incentives for foreign investors. This includes tax exemptions, customs duty exemptions, and income tax incentives.
According to the Director General of the Syrian Investment Agency (SIA), Madian Diab, the agency identified over 60 investment opportunities across ten industries.
Last year, the Syrian-Omani Business Council was established to strengthen the private sector's role in developing economic relations between Syria and the Sultanate of Oman."
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