Advocacy Forum Reviews Role of Legislation in Encouraging Foreign Investments

Muscat: The 7th advocacy forum and its accompanying conference, held today in Muscat, reviewed the role of national legislation in encouraging foreign investments. The event was opened under the patronage of Sayyid Khalifa Said Al Busaidi, Chairman of the Supreme Court. According to Oman News Agency, Lawyer Khalifa Marhoon Al Rahbi, Vice Chairman of the Board of Directors of the Omani Lawyers Association delivered a speech at the beginning of the forum, during which he pointed out that the conference aims to discuss the role of national legislation in promoting foreign investment and enhancing the legislative system in a manner that serves the national goals towards making investments easier. On his turn, Carlo Mastellone, President of the International Association of Lawyers (UIA) explained that the event is an opportunity to benefit from international experiences in this field. He affirmed that legislation plays an effective role in encouraging foreign investments. He lauded the efforts of the Sultanate o f Oman, represented by the Omani Lawyers Association, in organizing this forum. The forum included two sessions during which various working papers were presented. During the event, a memorandum of understanding (MoU) was signed between the Omani Lawyers Association and Emirates Association for Lawyers and Legal. At the end of the conference, the participants came up with a set of recommendations, such as enhancing transparency and legal stability by developing investment laws in a manner that ensures transparency for foreign investors, in addition to stimulating foreign direct investment by providing tax and customs incentives to attract foreign companies, especially in the areas of renewable energy, technology, and tourism. The participants also underlined the importance of enhancing legal protection for investments by developing mechanisms for resolving trade and investment disputes through the establishment of specialized courts or judicial bodies. They also stressed the need to upgrade the efficiency of laws related to foreign ownership by reviewing the laws on foreign investors' ownership of land and real estate in a manner that keeps pace with economic developments and attracts long-term investments, as well as encouraging partnerships between foreign and local investors through flexible legal systems that protect the rights of all parties. The participants also underscored the importance of developing national legislation to achieve a balance between attracting foreign investments and protecting national interests, while emphasizing the Sultanate of Oman's commitment to promoting a safe and sustainable investment environment that comes in line with Oman Vision 2040.