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ICAI Muscat Chapter conference calls to speed up economic diversification

Muscat - 

The current economic challenges are a stark reminder of the importance of the economic diversification and speeding up the diversification process is a perfect answer to the current challenges.

This was the conclusion at the panel discussion titled ‘Oil and Beyond - Future Omani Economy’ at the ninth annual international conference organised by the ICAI Muscat Chapter on Friday.

The panellists agreed that Oman is witnessing transformational changes including the taxation reforms taking the economy in the right direction.

According to a press release. the panel discussion was moderated by Eng Saleh Mohammed al Shanfari, CEO of Oman Food Investments Holding Co at which Talal al Mamari, CEO of Omantel, Khaled al Kayed, CEO of Bank Nizwa, T Ganesh, chief financial officer of Bank Muscat and

Sanjay Kawatra, partner at EY participated.

The conference was inaugurated by H E Said Saleh al Kiyumi, the chairman of Oman Chamber of Commerce and Industry in the presence of H E Indra Mani Pandey, Indian Ambassador to Oman.

The conference was also addressed by Dr Ahmed al Ghassani, dean of the College of Banking and Financial Studies,

Dr K Rahman Khan, former Indian minister and a member of the upper house of Indian parliament and S B Zaware, chairman of the Accounting Standards Board of ICAI.

The panellists also commended the excellent fiscal management by the Oman government which has been able to bring down budget breakeven oil price from US$105 per barrel in 2015 to a current level of nearly US$75 per barrel by prudent optimisation of the government expenditure.

Mubeen Khan, chairman of ICAI Muscat Chapter stated that the Chapter is working to organise a mega conference in association with other stakeholders to promote Indian investments in Oman in which senior executive from top Indian corporates would be invited and hosted by the Chapter in Muscat.

Special economic zones and free zones in Oman have started attracting huge investments in the manufacturing and logistics sectors. International investors specially Chinese and Indian companies have shown enormous interest to shift part of their production bases to Oman due to the very competitive energy prices offered in Oman with a very low rate of taxation, tax exemptions and investor friendly environment.

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