Oman and Lebanon Strengthen Economic Partnership: Key Opportunities for Investors and Entrepreneurs
MUSCAT: The Omani-Lebanese Economic Forum and its accompanying exhibition commenced on Monday at the Oman Convention and Exhibition Centre, focusing on strengthening trade, investment, and industrial relations between Oman and Lebanon.
The event, organized collaboratively by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) and Lebanon’s Ministry of Economy and Trade, along with the Oman Chamber of Commerce and Industry (OCCI) and the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon, brought together numerous government officials, investors, and business leaders from both nations.
Qais bin Mohammed al Yousef, Oman’s Minister of Commerce, Industry and Investment Promotion, emphasized the longstanding trade relations between Oman and Lebanon, which have historically facilitated cultural and knowledge exchanges. He stated, “We look forward to translating these strong ties into deeper cooperation and integration between our economies.” He added that both governments are committed to providing incentives and facilities that empower the private sector to foster prosperity and sustainable growth.
Dr. Amer al Bassat, Lebanon’s Minister of Economy and Trade, characterized the relationship between the two countries as rooted in mutual respect and shared aspirations for stability and development. He advocated for concrete measures to enhance collaboration, including the establishment of a permanent joint economic committee to monitor the outcomes of the forum and create platforms to connect the private sectors of both nations, thereby facilitating partnerships and knowledge transfer. “The forum provides an opportunity to establish genuine, productive, and sustainable partnerships that contribute to our countries’ economic resilience,” he remarked.
Faisal bin Abdullah al Rawas, Chairman of the OCCI, highlighted that the forum represents a unified vision to boost economic cooperation and expand trade opportunities. He noted, “This event offers a valuable platform for exchanging expertise and exploring investment opportunities,” stressing that such initiatives extend beyond merely showcasing products to fostering relationships that could lead to new joint ventures and sustainable development.
Dr. Ali Hassan Mahdi, CEO of Al Haqaiq Exhibitions and Conferences, pointed out that the forum aims to establish a foundation for joint industrial and commercial projects and facilitate new investment agreements.
Lebanese businessman Nehme Aqram, Chairman and CEO of INDEVCO Industrial Group, proposed the creation of a Lebanese-Omani Industrial, Commercial, Tourism, and Investment Partnership Council, which would act as a permanent platform for exchange between the public and private sectors.
The forum’s inaugural day featured a special session entitled “Prospects for Economic Integration between the Sultanate of Oman and Lebanon: Towards a Sustainable Industrial, Commercial and Investment Partnership.” This session gathered experts from both countries to discuss collaboration opportunities in various sectors, including industry, tourism, agriculture, services, and technology.
Additionally, the Lebanese-Omani Economic, Commercial, and Industrial Exhibition was launched alongside the forum, showcasing products and services from over 100 companies across various sectors, such as manufacturing, food, tourism, and logistics. This exhibition provided participants with valuable opportunities to establish partnerships and explore potential ventures.
Special Analysis by Omanet | Navigate Oman’s Market
The Omani-Lebanese Economic Forum signifies a strategic opportunity for businesses in Oman to deepen trade ties with Lebanon, fostering collaboration across various sectors. This initiative could lead to new joint ventures and investment agreements, presenting both opportunities and risks as companies navigate the long-term impacts of economic integration. Smart investors and entrepreneurs should consider engaging with the private sector platforms, utilizing this momentum to establish sustainable partnerships that enhance economic resilience.
