World Halal Summit, Halal Expo discuss business opportunities

The World Halal Summit and the Halal Expo, the two simultaneous halal economy events being held in Istanbul until Saturday, discussed business opportunities between countries.

The events are organized by the Standards and Metrology Institute for Islamic Countries (SMIIC) and the Organization of Islamic Cooperation (OIC), coordinated by the Turkish Ministry of Trade and the Turkish Halal Accreditation Agency, and attended by various Turkish and foreign ministries, institutions, and organizations.

A businesspeople's meeting was held by the Foreign Economic Relations Board's (DEIK) Türkiye-Oman Business Council to strengthen relations and increase trade between the two countries, the council's Chairperson Yunus Ete said at the event.

“The most important goal of ours is to increase the cooperation between Türkiye and Oman and we are uninterruptedly carrying out our efforts, and while such meetings contribute to bilateral relations, we aim to increase our mutual trade activities and investments in the contracting, tourism, and health sectors,” he said.

Ete stated that Türkiye and Oman have a trade volume of $1.4 billion and the council works towards increasing this figure with the mutual cooperation of other countries, noting Oman's potential with its own initiatives in tourism, health, energy, furniture, and industry sectors.

He highlighted that Türkiye has come a long way in the health sector, as well as in e-commerce and marketing, sectors where there are many partnerships with Oman.

Salim Abdullah Al Rawas, DEIK Türkiye-Oman Business Council chairperson representing Oman, said at the event that the council's goal is to act as a bridge between Türkiye and Oman in the private sector, giving insight to the official institutions with suggestions, as the council works towards strengthening trade and economic relations.

Al Rawas stated that the new branches of Turkish banks in Oman were received positively, as they allow companies in Oman to invest in Türkiye.

He noted that 100,000 Omani tourists visit Türkiye annually and the establishment of Turkish banks in Oman contributes to the trade between the two countries.

Mehmet Huseyin Bilgin, chief advisor to the minister of trade, said at the event that Türkiye has become the region's most important country in economic, political, and military fields in the last two decades.

“We attach great importance to improving our economic relations, our mutual trade volumes with Islamic countries, and our trade with Oman is far below the desired level, but it can be increased, especially with the cooperation of the two countries in tourism as well as in contracting,” he said.

“Additionally, foreign investments are also important and our country is suitable for attracting them, as the foreign direct investments from the Gulf states reached around $30 billion,” he added.

Bushra Al-Wahaibi, senior business development specialist at Invest Oman, stated at the event that trade activities between the two countries should grow, as Oman is a geopolitically important country.

“Oman and Türkiye can cooperate in technology, as Oman prioritizes innovation and can benefit from Türkiye's expertise,” she said.

Al-Wahaibi noted that Oman offers foreign investors tax exemption for up to 30 years, opportunities in land acquisition and citizenship.

Meanwhile, the World Halal Summit also platformed the Go Africa event, where thousands of visitors discussed potential trade opportunities in African countries.