The Sultanate of Oman’s trade (imports and exports) with the rest of the world has surged 41 per cent to RO 40.117 billion in value as of December 31, 2022, which includes total merchandise exports worth RO 25.255 billion, according to the Ministry of Commerce, Industry and Investment Promotion.
Sharing details about the Ministry’s performance in 2022, officials pointed out that the contribution of key economic sectors, including services to the GDP grew by 9.7 per cent (at current prices) during 2022. Moreover, the manufacturing sector's contribution to the GDP (at current prices) stood at RO 3.511 billion as of September 30, 2022, with the industrial activity growth rate reaching around 28.6 per cent.
Transactions processed through the ‘Invest Easy’ soared to 989,960 transactions during 2022, representing a 23.1 per cent increase over 2021. Commercial registrations reached 393,021, which was up 15.3 per cent compared to 341,970 commercial registrations in 2021. Applications for investor residence cards totaled 1,600 cards as of March 2023.
Meanwhile, 48 new initiatives have been unveiled for 2023 in the commercial and industrial sectors, competition protection, anti-monopoly, services and investment promotion, specifications and standards, including the development and approval of a trust mark for electronic stores in the Sultanate of Oman, the development of digitization of industrial licenses in the “Invest Easy” portal, and the project to upgrade factories to industrial revolution technologies. Fourth, working to launch 50 new industrial investment opportunities, and other initiatives.
The initiatives also include applying the in-country value added to the manufacturing industries (the second phase), developing the Omani quality mark, and developing the matching system in the markets of the Sultanate of Oman. Investor residence, business card preparation, in addition to developing a general framework for an overall index of competition in the Sultanate of Oman.