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Bilateral ties with Oman enhanced

26/05/2017 10:18
The potential for further developing business and trade ties between Oman and Cyprus were explored during a Business Forum that took place in Nicosia on Thursday. The Forum was co-organized by the Cyprus Chamber of Commerce and Industry and the Embassy of Oman and was under the auspices of House President Dimitris Syllouris.

In his address Syllouris said that the presentation to Cypriot businessmen and stakeholders of the largest Special Zone in the Middle East, SEDAD, located in Duqm, Oman, by the distinguished speakers of the Forum, contributes towards establishing investment relations and attracting new associates who, in turn, will expand the activities of Cypriot businesses in the Omani market and at the same time providing a strategic base for a greater share in the region`s promising markets.

He pointed out that many Cypriot companies have already been active in the Sultanate of Oman for many years now, particularly in the construction sector, thus contributing to the economic and social development of the country, as well as to the enhancement of financial relations between Cyprus and Oman.

Syllouris also assured that the House of Representatives will support in every possible way such initiatives and endeavors, as it strongly believes that, beyond any economic benefits, the development of trade relations brings people closer and contributes to stability and peace, a fact which is of great importance for our fragile and volatile area.

The State Minister of the Sultanate of Oman and Chairman of the Special Economic Zone Authority Duqm, Hahya bin Said bin Abdullah Al-Jabri, in his address said that said the Omani government is doing everything possible to provide an attractive and secure environment for investments.

He said that the volume of trade between the two countries was $ 39 million, with the volume of imports from Cyprus to Oman in 2015 at € 38 million, while exports and re-exports from Oman to Cyprus amounted to only $ 673,000.

He also referred to the Sultanate`s progress in creating a favorable business environment and improving its performance in various entrepreneurship indexes.

The country, he said, aims to diversify its economy, adding that in this direction the special economic zone of Dukm, the largest economic zone in the Middle East and North Africa, covering 2,000 square kilometers with a 60 km coastline.

The President of the Cyprus Chamber of Commerce and Industry (CCCI), Pheidias Pilides, stressed that while relations between the two countries are great, there is room for further deepening and enhancing the bilateral economic cooperation.

He pointed out that cooperation opportunities are abundant and cover areas such as construction, tourism, transport, commercial shipping, medical tourism and gas, as well as food exports.

Deputy Chairman of the Chamber of Commerce of Oman, Renda Al Saleh referred to the various incentives his country offers in order to attract investors and foreign businesses.

The Director-General of the Cyprus Investment Promotion Agency Natasa Pilides referred to the comparative advantages that Cyprus offers to attract investments and companies, highlighting the high growth rate recorded in 2016 and 2017.

She also noted that the Moody`s rating agency recently suggested that the 3.3% growth recorded in the first quarter may be sustainable.