Oman, Bulgaria in deal to boost mutual investment

MUSCAT — Oman and new EU member Bulgaria have signed a pact to encourage and protect joint investment in each other's country, with both sides expressing confidence that the move would give a fillip to bilateral economic ties.

By A Correspondent

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Published: Mon 5 Feb 2007, 9:15 AM

Last updated: Sat 4 Apr 2015, 9:49 PM

National Economy Minister Ahmed bin Abdulnabi Macki, who inked the deal with visiting Bulgarian Minister of Economy and Energy Roumen Ocharov here on Saturday, said the agreement would "encourage mutual investments between the two countries and provide a legal and legislative framework to protect such investments."

It would also protect investors' rights in the two countries against "non-commercial hazards and encourage joint investments in public and private sectors," he added.

Earlier, Macki and the Bulgarian Minister held a session of official talks. Macki noted that his country was currently executing several major projects in various sectors and invited Bulgarian participation in them.

Ocharov said Bulgaria was going through a phase of rapid development, pointing out that the country's GDP rose by six per cent in 2006 and foreign investments crossed the $3.5-billion mark.

He added the country would soon embark on several tourism and economic projects.

Also on Saturday, Deputy Prime Minister for the Council of Ministers Sayyid Fahad bin Mahmoud Al Said met Ocharov. Sayyid Fahad congratulated Bulgaria on its EU membership, and said Oman was keen to step up economic ties with that country, particularly in the energy sector.

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