Chief Executive Officer (CEO) of COMEX, Amar A. Babood during his recent visit to Pakistan, underscored the importance of strengthening the economic and cultural ties between Oman and Pakistan.
In an interview with APP, Babood emphasized the shared history, culture, and potential that bind the two nations and also focussed on expanding trade, business interactions, and collaborative initiatives,
“This is my first visit to Pakistan, and I’ve had the opportunity to visit both Karachi and Islamabad,” said Babood. “We are close neighbors, with just an hour’s distance from Karachi, and we share a deep connection in history, society, and culture. We have been following Pakistan’s developments closely, and now, we are looking to deepen our business and diplomatic relations.”
COMEX, one of Oman’s leading organizations in the ICT sector, has long been eyeing Pakistan for its untapped market potential. The two countries, despite having a robust cultural connection, have seen relatively low trade volumes, which Babood believes is an area ripe for growth.
“Oman and Pakistan have a lot to offer each other,” he added. “There is great potential, particularly in sectors like ICT, where Pakistan has impressive expertise. Oman’s Vision 2040 underscores the importance of working closely with global partners to unlock these opportunities, and we are eager to explore ways we can collaborate with Pakistan.”
Oman is already working closely with the Pakistani Embassy in Muscat to facilitate business-to-business interactions, with a focus on expanding trade in key areas such as ICT, agriculture, and tourism. Babood also highlighted the ongoing GCC-Pakistan Free Trade Agreement negotiations, which are expected to create new avenues for bilateral trade and investment.
“Oman is committed to fostering an environment of open trade and business. With the introduction of policies like 100% foreign ownership in certain sectors, we are positioning ourselves as an attractive destination for global investors,” Babood said. “In Pakistan, we see a unique opportunity to tap into a vast and growing market, especially with its strong agricultural and tourism sectors. We are also exploring joint ventures that will benefit both countries.”
During his trip, Babood attended the IDEAS Expo 2024, where he interacted with Pakistani ministers for Energy, Science and Technology, as well as various entrepreneurs. The event provided valuable insights into new business trends, especially in sectors like AgriTech, which Babood sees as a key area for future cooperation.
“Pakistan is making significant strides in AgriTech, and Oman can learn a great deal from these innovations,” he remarked. “Likewise, Oman’s tourism sector is evolving rapidly, with a growing emphasis on sustainable tourism and the protection of indigenous culture. There’s potential for collaboration in cultural tourism, which will benefit both our nations.”
Oman is also increasingly focused on green energy, particularly solar power and green hydrogen, as part of its commitment to renewable energy. Babood mentioned that while Oman is a late developer in the renewable energy sector, it has made substantial progress in solar energy and is now prioritizing green hydrogen as a critical area of focus.
“We believe that green hydrogen will play a major role in the future of energy, and Oman is keen to explore this sector further,” he explained. “Our investment tools are designed to make it easier for businesses to enter these emerging sectors, which will contribute to both national and regional sustainability goals.”
Looking ahead, Babood reaffirmed Oman’s strategic role in fostering cooperation across the Gulf Cooperation Council (GCC) and beyond. He pointed out that Oman’s diplomatic ties with various nations, including Egypt and Qatar, allow it to play a vital role in resolving regional conflicts and fostering peace.
“As a nation, Oman values its neutrality and diplomatic relations. We are proud to be a bridge between nations, fostering peace, stability, and prosperity in the region,” Babood concluded. “We look forward to continued cooperation with Pakistan, as we work together to realize the untapped potential in trade, business, and culture.”
COMEX is a leading Omani company specializing in information and communication technology (ICT). With a focus on fostering innovation and digital transformation, COMEX is committed to building bridges between businesses and governments to drive economic growth and technological advancement in Oman and beyond.