The Foreign Direct Investment in the Sultanate of Oman has jumped 7.7 per cent compared to December 2020, and a wider chunk of potential FDI is currently in the pipeline, according to the Ministry of Commerce, Industry and Investment Promotion (MoCIIP).
Speaking to the members of the global media at the International Conference for Journalists, 31st Congress of the International Federation of Journalists (IFJ), Muhanna bin Ali al Sinani, Acting Director of the Investment Promotion Department, said a plethora of initiatives are being implemented in various sectors of the ministry to improve the investment environment in the Sultanate of Oman to create a competitive business environment.
The event host is Oman Journalists Association (OJA).
"Enhancing economic growth, diversification and mechanisation of the private sector is aimed at placing the Sultanate of Oman in the ranks of economically advanced countries, and integrated work between various sectors to develop a business environment conducive to a knowledge economy'', Muhanna al Sinani said, and added, "We have a host of incentives being provided to foreign investors wishing to invest in the Sultanate of Oman, and a wide range of investment opportunities are currently in offer by the ministry to investors in addition to the services provided by the ministry to investors and exporters."
The incentives include tax and customs exemptions and a reduction in administrative fees for registration and licenses, and some incentives in terms of reducing the rental value of leased lands and the possibility of owning land for investment for different sectors in general.
"With all these offers for foreign investors, there has been a great response. Sultanate of Oman's foreign direct investment increased by 7.7 per cent compared to December 2020, and there is an increase in the proportion of foreign direct investment thanks to a group of countries that are leaders in the investment, value the Sultanate of Oman'', the DG said.
He further said among the countries, the United Arab Emirates, the Qatar, the United States of America, the United Kingdom, the Netherlands top the FDI list.
"We, at the MoCIIP, focus heavily on a group of countries and markets that we target according to strategies and a study report of the target markets. Based on these classifications, the Ministry of Commerce, Industry and Investment Promotion organises events from three to four countries annually."
"The ministry also attracts investments and capital in order to diversify sources of income as well as to provide opportunities for job-seekers in addition to supplying the national economy with strategic and long-term projects'', Al Sinani said.
He indicated that the percentage of non-oil exported materials increased by only 69 per cent in one month, and this increase is a positive step achieved by the ministry in diversifying sources of income. Diversification of sources of income in addition to petroleum products spans around sectors such as the tourism, industry, fisheries and agricultural sectors, as well as logistics.
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