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Oman working on agreement on mutual encouragement of investment with Russia

Omani foreign minister hopes that the boost given to the Russian-Omani relations will facilitate the strengthening of cooperation

MOSCOW, July 11. /TASS/. Masqat and Moscow are working on an agreement on mutual encouragement and protection of investment, Omani Foreign Minister Badr bin Hamad bin Hamood Albusaidi said on Tuesday.

"We signed an agreement on avoidance of doublet taxation not long ago, and we are currently working on an agreement on mutual encouragement of investment," he told a joint press conference with his Russian counterpart Sergey Lavrov, adding that "those two agreements are an important basis for developing cooperation aimed at attracting investment into the countries."

Oman’s government is making active efforts for attracting Russian investment, particularly through cooperating with the private sector, the minister said. "We hope that the boost we gave to the Russian-Omani relations will facilitate the strengthening of investment cooperation," he noted.

On June 8, Oman and Russia signed an agreement on prevention of double taxation on profit tax and on prevention of tax avoidance and evasion.

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