Thursday, September 21, 2023 | Rabi' al-awwal 5, 1445 H
overcast clouds
32°C / 32°C

Oman’s retail trade sector to grow to RO 10bn in value by 2040

No Image

The Oman Chamber of Commerce and Industry (OCCI) held its second annual Ramadhan event on Tuesday, April 11, on the theme, "Developing the Investment Environment in the Sultanate of Oman." It was held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, at the Invest in Oman hall located at the Civil Aviation Authority's headquarters.

Also in attendance were members of the business community and investors.

The event featured presentations on the Ministry’s efforts to enhance Oman's national economy and Gross Domestic Product, mechanisms for addressing challenges faced by the private sector, improving the investment environment, and the results and plans of investment labs in the industrial sector.

During the event, Ahmed bin Salem al Rasbi, General Manager of Investment Services at the Ministry, shared that over 1000 visitors of different nationalities from around the world visited had visited the Invest in Oman lounge from February 27 to April 9 this year. The lounge, showcasing 38 different investment opportunities, is also supported by the addition of 20 new services launched this year.

Importantly, Al Rasbi also announced that the ‘Invest Easy’ online platform of the ministry will be renamed the "Oman Business Portal" to provide a comprehensive gateway for all electronic services in country business environment. The new portal's design and features prioritise ease of use, efficiency, and adherence to the latest global website standards, he said.

A presentation by Hussein bin Jumah al Eshaq, Chairman of OCCI’s Trade Committee, discussed the importance of the retail trade sector in the country. According to Al Eshaq, the sector contributes around RO 3.5 billion to the GDP annually and provides employment to around 300,000 people, representing 15 per cent of the total workforce in Oman.

Al-Eshaq also emphasized that the retail sector supports other sectors indirectly, including real estate, construction, building materials, transportation and logistics, tourism, and events.

Al-Eshaq stated that the future goals of the retail sector in Oman include achieving a contribution of RO 10 billion to the national economy by 2040 and creating over one million job opportunities. Additionally, it aims to stimulate and increase the revenues of other economic sectors and attract investments to Oman according to the 2040 Vision.

In an effort to support the retail trade sector in Oman, the government has implemented several measures including increasing job incentives, simplifying lending methods, exempting new investors and local companies from localisation rates, and accelerating municipal and labour procedures.

Additionally, legislation will be enacted to protect investing companies that add value to the economy from the dominance of products from abroad through e-commerce. Al Eshaq emphasized d the importance of cooperation between regulators and companies to achieve the future goals of retail trade.

Khalid al Shuaibi, Head of the National Investment and Export Development Programme (Nazdehar), highlighted the program's role in developing investment trends and the procedural and legislative potential that aligns with Oman Vision 2040. The program aims to build a diversified investment portfolio for economic sectors, supervise the implementation of investment projects, and enhance the contribution of non-oil sectors in building a sustainable economy. The programme is currently working on developing investment opportunities in various sectors, including education, culture, youth, sports, and health.

arrow up
home icon