Oman and Uzbekistan have established a joint investment company with a capital of $500 million to boost trade between the two countries, the chairman of the Gulf Arab state's chamber of commerce said on Tuesday.

'The company will boost investments between the two governments to exchange trade in all areas,' Khalil al-Khonji, chairman of Oman Chamber of Commerce and Industry told Reuters on the sidelines of a corporate governance conference in Muscat.

'It is part of the Omani government strategy to establish alliances with foreign partners to diversify the economy away from oil income,' he added.-Reuters