Muscat: The 7th advocacy forum and its associated conference took place today in Muscat, focusing on the impact of national legislation in fostering foreign investments.
The event commenced under the patronage of Sayyid Khalifa Said Al Busaidi, Chairman of the Supreme Court.
Khalifa Marhoon Al Rahbi, Vice Chairman of the Board of Directors of the Omani Lawyers Association, opened the forum with a speech highlighting the conference's objective to explore how national legislation can facilitate foreign investment and improve the legislative framework to align with national goals for simplifying investment processes.
Carlo Mastellone, President of the International Association of Lawyers (UIA), emphasized that the forum serves as a platform to leverage international best practices in this domain. He underscored the significant role of legislation in promoting foreign investments and commended the Sultanate of Oman, particularly the Omani Lawyers Association, for organizing the event.
The forum featured two sessions where various working papers were presented.
Additionally, a memorandum of understanding (MoU) was signed between the Omani Lawyers Association and the Emirates Association for Lawyers and Legal.
At the conclusion of the conference, participants formulated several recommendations, including the enhancement of transparency and legal stability through the development of investment laws that ensure clarity for foreign investors. They also advocated for stimulating foreign direct investment by offering tax and customs incentives to attract foreign companies, particularly in the sectors of renewable energy, technology, and tourism.
Participants emphasized the necessity of strengthening legal protections for investments by creating mechanisms to address trade and investment disputes, potentially through the formation of specialized courts or judicial entities.
They highlighted the importance of improving the effectiveness of laws governing foreign ownership by reassessing regulations concerning foreign investors' rights to land and real estate. This reassessment should align with economic advancements and aim to attract long-term investments, while also fostering partnerships between foreign and local investors through adaptable legal frameworks that safeguard the rights of all stakeholders.
Additionally, participants stressed the need for the development of national legislation that strikes a balance between attracting foreign investments and safeguarding national interests. They reaffirmed the Sultanate of Oman’s dedication to fostering a secure and sustainable investment climate that aligns with Oman Vision 2040.
