Global Rice News

Oman urges Pakistan to Increase Trade and Investment Opportunities

The Consul General of Oman in Karachi, Eng. Sami Abdullah Salim AlKhanjari, expressed his dissatisfaction over the low level of trade between Oman and Pakistan during a meeting with the Karachi Chamber of Commerce & Industry (KCCI). AlKhanjari urged the business community to explore more opportunities for exports and investment in Oman, which currently imports agricultural products, textiles, leather, and other goods from countries such as China, Vietnam, Australia, New Zealand, Ethiopia, and Somalia.

AlKhanjari emphasized that Pakistan has the potential to increase its exports of agricultural products, including onions, chilies, carrots, lemons, and other fresh produce. He also mentioned the potential for exporting Pakistani rice, which is considered one of the best in the world. Additionally, he highlighted the untapped potential of Pakistan’s textile and leather products, which are not currently being exported to Oman.

In order to improve trade between the two countries, AlKhanjari invited Pakistani investors to take advantage of Oman’s five ports: Salalah, Qalhat, Sohar, Duqm, and Sultan Qaboos. These ports have already attracted significant investment from China, Saudi Arabia, UAE, India, and other countries.

The envoy also assured that the visa issue for Pakistani businessmen and traders would be resolved soon, as Oman is working on introducing a ‘One Visa’ facility for all GCC countries. He noted that thousands of Omanis are living in Pakistan, while around 300,000 Pakistanis are working and doing business in Oman, highlighting the existing ties between the two countries.

The president of KCCI, Sheikh, stated that Pakistan’s exports to Oman in FY23 stood at $193 million, which is much below their potential. He emphasized the need to reduce trade barriers, diversify the range of products, simplify customs procedures, promote SMEs, and foster business collaboration in order to boost trade and economic integration.

In terms of investment opportunities, Sheikh highlighted the Special Investment Facilitation Council (SIFC), which offers Omani investors lucrative opportunities in sectors such as energy, agriculture, livestock, information technology, and mines & minerals. He also stressed the potential for bilateral cooperation in sectors including textile, halal, oil & gas, banks, transportation, and infrastructure development.

Ultimately, the Consul General of Oman in Karachi hopes that both countries can work towards increasing their trade and investment ties, benefitting the economies of Oman and Pakistan.

Source: https://www.thenews.com.pk