MUSCAT - Oman and Uzbekistan have signed a memorandum of understanding to set up a joint investment company with a licensed capital of $500 million and a subscribed capital of $100 million. The deal was signed in Tashkent on Tuesday by National Economy Minister Ahmed bin Abdulnabi Macki and the First Deputy Prime Minister and Finance Minister of Uzbekistan Rustum Azimov.
Macki said that the Omani share in the company would be 75 per cent and Uzbekistan would hold 25 per cent. The company will invest in oil and gas, energy, construction, tourism and industry, he added.
The two countries also signed agreements to avoid double taxation and evasion of taxes and to encourage mutual investments. Macki said that the two accords would provide a legal framework for expanding bilateral trade and joint ventures.
“The deals will organise investments in the public and private sectors in both countries, alleviate tax burdens, remove financial and economic barriers for investment,” he added.
Earlier, Macki held official talks with Azimov with both sides expressing a desire to step up co-operation, particularly in the processing industry, energy, transport, communications, agriculture, health and manpower.
