02 Nov 2018
Kenya and Oman are in talks to improve trade relations between the two countries and sign a double taxation agreement that will allow firms which operate in both countries to only pay taxes once.
Oman also revealed that is keen to make good use of the opportunities available in the oil and gas industry.
According to standardmedia.co.ke, Oman Minister for Trade and Industry Ali Masoud Al Sunaida, who is leading a delegation of 80 companies to search for investment opportunities in Kenya, revealed that 14 firms had already signed deals with their local counterparts.
Sunaida named Al Siabih Group as one of the companies that invested money in oil and gas. In the delegation, the company is being represented by Chief Executive Sheikh Al Siabih.
“They are making a major investment here but for now, we cannot reveal how much it is. There are 14 other deals in the pipeline,” said Sunaida.
Sunaida, speaking at a forum where the Oman companies were exhibiting some of their products in Nairobi, revealed that the investors were also interested in putting money in manufacturing and tourism.
Kiprutto Kittony, the Kenya Chamber of Commerce and Industry Chairman and delegation host, criticised the trade imbalance present between Oman and Kenya, pointing out that deals such as the proposed double taxation agreement would help counter the imbalance.
Kittony said: "Kenya has deep historical ties with the Sultanate of Oman which date back almost 600 years ago. Clearly, there is a trade imbalance, but I believe we can work that out through mutual cooperation.”