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Uzbekistan, Oman intend to implement several joint projects

27 March 2013

en.trend.az of 3/27/2013 - Possible joint projects in economics, investing, trade, logistics, small business and private entrepreneurship, motor-car production and agriculture have been discussed by representatives of Uzbek and Omani business circles during a business forum held in Tashkent.

The business forum was organized as part of a visit of the Omani delegation led by Secretary General Secretary of the Foreign Ministry Sayyid Badr bin Hamad al Busaidy.

Omani entrepreneurs showed great interest in the opportunities delivered by the Uzbek side in "Navoi" free industrial economic zone and "Angren" industrial free zone.

The parties stressed that Uzbekistan and Oman have formed a strong legal base. The countries have intergovernmental agreements on mutual stimulation and the protection of investments, avoidance of double taxation and the prevention of capital tax evasion and an agreement on the establishment of a joint Uzbek-Oman Investment Fund.

The Omani State Public Reserve Fund, controlled by the government and the Uzbek Reconstruction and Development Fund signed documents creating UzOmanCapital with authorized capital of $ 500 million.

The Omani government owns 75 percent of shares; Uzbekistan owns 25 percent of the institution.

In 2013, UzOmanCapital plans to allocate $ 100 million to implement joint projects in textile, electronics and building materials in Uzbekistan at a total project cost of about $ 300 million.