The Sultanate of Oman, represented by the Ministry of Commerce, Industry and Investment Promotion, participated via video link in a review meeting of the country’s trade policy held at the World Trade Organisation (WTO) in Geneva.
This is the Sultanate of Oman’s third review – the first having been held in 2008, followed by the second in 2014. The trade policy review mechanism aims to contribute to improving the compliance of all members with rules, regulations and obligations in accordance with multilateral trade agreements, as well as collective trade agreements, thereby facilitating the functioning of the multilateral trading system. This is achieved by boosting transparency and understanding of member states' trade policies. The review covers other trade policies and practices and their impact on the functions of the multilateral trading system also enables a comprehensive policy and practice assessment process.
Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, said in his speech that the Sultanate of Oman, under the wise leadership of His Majesty Sultan Haitham bin Tariq, benefits from a skilled and educated workforce, advanced infrastructure and a business-friendly regulatory framework, competitive investment environment, and strategic location at the crossroads of global trade routes.
The number of SMEs registered with the government now totals 54,804 as of June 2021, an increase of 23.2 per cent compared to the same period last year.
Foreign Direct Investment (FDI) at the end of Q2 2021 amounted to $42.3 billion compared to $39 billion in the same period in 2020, he said. The Foreign Capital Investment Law allows foreign ownership of up to 100 per cent in most Omani economic sectors, including industry, logistics, mining, tourism, fisheries and fish farming, as well as possible sectors within information technology, health care, educational services and the green and circular economy.
To sustain a positive business environment, the Invest Easy portal is now a single window for approvals relating to 88 per cent of economic activities. Since the launch of the new licensing approval service in April, nearly 54,000 applicants received automatic approvals, he said.
Further evidence of Oman's strong commitment to improving the investment environment is demonstrated by Oman Vision 2040, the investor residence programme launched last September, and a retiree residency programme. (With inputs from ONA)
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