Omani-Turkish Committee Calls to Set up JV

The 8th Session of Omani-Turkish Joint Committee Meeting began in Muscat at Al Bustan Palace Hotel. The Omani side was chaired by Mohammed bin Nasser al Khusaibi, Secretary General of the Omani National Economy Ministry, whereas the Turkish side was chaired by Bashir Atalay, Turkish Interior Minister. Al Khusaibi gave a speech saying that the committee had strived to establish cooperation between the Sultanate and Turkey during the past years by signing a number of cooperation agreements between the two friendly countries. He called upon the private sector in the Sultanate and Turkey-through the joint businessmen council- to set up joint ventures. He also commended the Economic Cooperation Committee's endeavors - as part of the Cooperation Framework Agreement between the AGCC states and Turkey.

He said that Oman economy proved capable to with stand the global financial crisis challenges in terms of huge drop of 44% in Oman oil prices in 2009 as compared to 2008. Despite this dramatical drop in oil price, Oman economy grew by 3.7% (fixed price). This was attributed to the economic policies aimed at enhancing economic diversity and encouraging investment and financial policies pursued by the government to enhance local demand, financial policies and other measures taken to supply liquidity and supporting stability of the banking sector in  particular and the money sector in general, he added.

For his part, the Turkish Interior Minister and head of the Turkish side at Omani-Turkish Joint Committee hoped that the 8th session of the committee's meeting would enhance existing cooperation between both countries. The agreements and MoU's are the solid base for organizing existing cooperation between the Sultanate and Turkey in various economic sectors. Turkey is according great attention to it's ties with Arab and Islamic countries in general and the Sultanate in particular, he added. He pointed out that the value of Turkish exports stood at US$102 billion in 2009 compared to US$136 billion in 2008 and US$36 billion in 2002. The total foreign investment in Turkey amounted to US$20 billion, an indication that the Turkish market has good potential for foreign investments.- Global Arab NetWork