ISLAMABAD, March 11: Pakistan and Oman has decided to strengthen their Joint Ministerial Commission (JMC) to promote trade between the two countries.

They also agreed that Pak-Oman Investment Company would play a leading role to promote Omani investment in Pakistan.

It was also agreed that the JMC would identify short- and long-term projects for utilization of $100m grant offered by Oman. It would also increase trade and explore possibilities for promoting export of services from Pakistan.

These priorities were discussed by Shaikh Bin Hilal Bin Ali-Khalili, Minister for Agriculture and Fisheries of Sultanate of Oman and Shaukat Aziz, Prime Minister’s Adviser on Finance, in their inaugural remarks at the JMC meeting here on Monday.

According to an official statement, the Omani minister recalled deep brotherly relations between the two countries and hoped that Government of Pakistan through the JMC would identify projects for expeditious utilization of Omani assistance. This, he said, would enhance economic cooperation between the two countries and promote trade relations through active interaction of private sector.

The two sides also agreed that both the countries would convene annual session of the JMC to promote economic cooperation and trade relations.

Aziz said that proceedings of the 4th JMC meeting would serve as a catalyst to further cement the existing economic ties.

He said out of $100m grant, Oman has provided $7m for extending of runway at Gwadar Airport, construction of Jetties and provision of 100 engines to fishermen and construction of power house.