Oman welcomes Malaysian ventures
Oman-Malaysia, Economics, 9/19/2000

Malaysian investors have been urged to exploit the opportunities available in Oman, especially in oil exploration and petrochemical industries, Malaysian news agency BERNAMA reported.

President of the Oman Chamber of Commerce and Industry, Salim Hilal AlKhalili said there were vast opportunities for investors to venture in oil exploration and the petrochemical industries in Oman.

He said besides its strategic location, Oman also offers political stability to investors wishing to tap the markets in the Gulf States and other Arab countries.

Currently very little business is being done between Oman and Malaysia although the potential was vast and varied, he told Bernama Tuesday.

He said Oman imports timber, palm oil, plywood, chemicals, pipes, hardware and electrical goods from Malaysia while Oman's exports to Malaysia comprised building materials and foodstuffs.

"We welcome investments in tourism, manufacturing, fisheries and electronics industries. "The government gives a lot of incentives in terms of taxes and customs duties beside offering soft loans, subsidized power tariff and attractive locations for industry," he said.

There are currently five industrial estates in Oman in Rusayl, Sohar, Rasyut, Nizwa and Buralmi.

The factories located in the five industrial areas manufacture textiles, furniture, foodstuffs, detergents, cables, fiber optics, pharmaceuticals, car batteries, radiators and filters.

"As the local market is limited, most of the products manufactured by Oman are exported to the Gulf States, Europe and other Arab nations," Al Khalili said.

He also said the Oman Chamber of Commerce and Industry planned to organize a trade mission to Malaysia in the near future to promote trade between the two countries.

Previous Stories:
  Oman's parliament examines securities market   (9/13/2000)
  World Trade Organization agrees on Oman's membership   (7/8/2000)
  Oman tackles ways of improving administrative procedures   (5/27/2000)

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