The Hindu Business Line : Oman, India council to set up panel to resolve disputes

Mr Jamil Ali Sultan, Chairman, Oman-India Joint Business Council, walking back after addressing the council in Hyderabad on Wednesday. Ms Lakshmi Parthasarathy, Principal Secretary, Industries and Commerce, Andhra Pradesh, and Mr Pradip Madhav, former chairman ofThomas Cook India, are also seen. — Satish. H

Hyderabad , Nov. 30

THE Oman-India Joint Business Council (JBC) has decided to set up an independent commercial arbitration committee to resolve disputes.

Mr Jamil Ali Sultan, Chairman of Oman India JBC, told Business Line that the members of the council, representing India and Oman, have approved the proposal to set up the committee. "It will be set up as soon as possible," he said.

Mr Jamil was in the city in connection with the sixth meeting of JBC here on Wednesday. There were 12 members from each side. The meeting was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Asked what had been the overall response for the JBC initiatives, he said the response, unfortunately, had not been good in the last five years. "We could not deliver the message well," he said, and hoped that the present effort could generate more interest.

Mr Jamil said Oman had offered attractive business proposition for investors from outside.

"We allow 100 per cent foreign ownerships in strategic initiatives and 75 per cent in other cases," he said.

He added that there was no income tax for the first five years.

This could be extended further. Also, companies could take their profits out of the country.

"There are huge opportunities for both the sides. Oman can seek the expertise of Andhra Pradesh in the areas such as information technology, health and education. We can invest in packaging, retailing and food processing," Mr Jamil said.

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