Oman and Turkey sign customs deal

Muscat: Oman and Turkey signed a customs pact among a raft of agreements concluded on the second day of Turkish President Abdullah Gul's first official visit to Oman on Tuesday.

The customs agreement sets out tariffs and customs duties covering a range of commodities, as well as criteria governing the origin and type of commodities subject to favourable import and export terms.

It also commits both countries to a regime of cooperation and information sharing with the goal of combating organised crime and other sophisticated modus operandi used by criminals in the field of air travel and shipping.

Speaking at a Turkish-Oman Business Forum held in Muscat on Tuesday, Turkish President Abdullah Gul said he was hopeful of a sharp increase in bilateral trade, particularly as Turkish firms see the benefits of exploiting the sultanate’s strategic location.

"Oman is perfect for the re-export industry as your ports are accessible to Pakistan, India, Africa and Iran, and also goods can be sold from here," he said. 

Gul also outlined the potential for cooperation in the defence industry, citing Turkey's prowess in the military technology field.

Separately, one of Oman's biggest business houses, The Zubair Corporation, and Turkish group Tefirom signed a strategic alliance for the development of a portfolio of business opportunities estimated at $500 million.

The alliance will target opportunities in renewable energy, construction, water management, natural gas and manufacturing. Both partners also announced plans to invest in wind-based renewable energy projects in Turkey and Oman using state-of-the-art technology.