The Sultanate is improving its business climate and attracting foreign direct investments (FDIs), which have proven to be a crucial component in fostering economic development.
The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has updated laws and regulations related to investment, implemented digital transformation in its services for investors, provided incentives for those interested in investing in Oman, and strengthened the global competitive position of the country.
These efforts, along with directives from His Majesty Sultan Haitham bin Tarik on economic policies, have led to increased investments.
According to the MoCIIP, the volume of direct foreign investments reached RO18.14bn in the third quarter of 2022, a 10.4 per cent increase from the same period in the previous year.
The volume of trade exchange between Oman and the rest of the world also rose by 46.18 per cent to RO30,421.4mn.
The value of foreign direct investments in the manufacturing sector reached RO1,717.1mn in Q3 2022, compared to RO1,512mn in the same period in 2021.
In addition to updating laws and regulations, the government also launched several initiatives and programmes, such as the National Programme for Investment and Export Development and the Invest in Oman lounge project, to make the country more attractive to investors.
His Excellency Qais bin Mohammad Al-Yousef, the Minister of Commerce, Industry and Investment Promotion, said: “The Sultanate of Oman has a fertile environment for business.
“The wise directives of His Majesty Sultan Haitham bin Tarik and his keen interest in facilitating and developing the business model have provided a fertile environment for business growth and investment in the Sultanate of Oman.
“The country is one of the leading destinations for investors and entrepreneurs and to attract more investment, efforts are being integrated between the concerned authorities to implement these generous royal directives.
H.E. Al Yousef added: “Accordingly, a number of legislations and regulations were issued to improve the business environment, including the amendment of some provisions of the executive regulations of the Foreign Capital Investment Law, the issuance of the Commercial Companies Regulations, and the issuance of the executive regulations to the Competition Protection and Monopoly Prevention Law.
“In addition to these, there has been a reduction in fees for a number of government services. A number of electronic services, including automatic and investment licenses, have also been launched to make it an investor-friendly nation.”
He further elucidated: “The royal directives resulted in the launch of a number of national initiatives and programs, such as the National Programme for Investment and Export Development ‘Nazdaher’, the investor residency programme, the fast track initiative, and the Invest in Oman lounge project, which is a one-stop shop for providing all services on investment opportunities to investors, in cooperation with the relevant government authorities and private companies in accordance with the best international practices.”
