The Lithuanian delegation was headed by Sigute Jakstonyte, Director of the Law and International Treaties Department of the Ministry of Foreign Affairs, while Oman's delegation was led by Hamoud Abdullah Al Alawi, Director General of the Supreme Council for Planning.
During the negotiations experts of the two states agreed on all provisions of the bilateral investment promotion agreement. It is aimed at creating favourable investment conditions in both countries. Previously investors' rights and investment protection measures were determined by the national legislation.
Once the agreement is in effect, Lithuanian and Omani business entities will be encouraged to invest in each other's countries, whereas their investments will be subject to international legal protection guarantees. The agreement provides for the highest protection standards of investments and investors' interests, which also meet the European Union's investment policy.
It is hoped that the agreement between Lithuania and Oman will promote private business initiatives as it creates legal basis for tighter economic cooperation between the two countries.
