The Omani-Egyptian Joint Business Council has proposed to establish a joint investment fund as well as a joint investment company in Egypt to serve as an umbrella for businessmen of the two countries to provide investment facilities and financial support.

The proposal was forwarded in Omani-Egyptian Joint Business Council meeting held in Cairo on Wednesday. A number of topics were discussed, emphasising the areas that the two nations can focus on to find joint investment projects.

The meeting also discussed ways to enhance direct transport between the two countries and its importance in raising the trade exchange and benefiting from that by reaching the neighbouring markets through re-exports.

The Omani side in the council was headed by Ahmed bin Yousef bin Alawi, while the Egyptian side was headed by Eng Samih Sawiris, in the presence of Eng Reda bin Jumaa al Saleh, chairman of the Board of Directors of the Oman Chamber of Commerce and Industry, and a number of council members from both sides.

Eng Reda stressed the importance of the joint business councils in promoting bilateral trade, and their role in finding joint investment projects, overcoming the difficulties and challenges, and strengthening trade and investment relations.

Eng Sawiris said that the council seeks to strengthen trade relations between the sultanate and Egypt, explaining that the two sides are working to achieve common national visions and goals.

“There is a need to activate the investment fund, which will facilitate funding of loans and support for investment between the two sides,” he added, saying that among the most important sectors that must be focused on in Oman are mining, tourism and food security.

After the meeting, the members of the joint council met with Nevin Jameh, the Egyptian Minister of Trade and Industry.

The minister stressed on the importance of intensifying efforts between the governments and business communities in Egypt and Oman to enhance bilateral trade and mutual investments.