MOCIIP announces 42 'digital' initiatives

Muscat: In its annual media briefing, the Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) unveiled its plans for 2024, including the Digital Transformation Roadmap, and announced 42 initiatives

through its digital platforms.

Highlighting significant achievements, the Ministry revealed that foreign direct investments in Oman surpassed RO 25 billion by Q3 2023. Moreover, the industrial sector will have 35 projects with investments exceeding RO 800 million by Q1, 2024.

Notably, 2023 witnessed industrial project agreements exceeding RO 385 million, while manufacturing FDI reached over RO1.4 billion by Q3 2023.

Trade between Oman and global partners reached RO37.6 billion in 2023, with over 714,000 processed through the "Oman Business Platform," marking a 10.9% increase from 2022.

The Ministry registered over 11,900 applications for trademarks and patents in the last year.

Additionally, the 'Made in Oman' campaign successfully promoted national products and facilitated industrial licensing.

The Ministry disclosed that 3,433 investors from 60 countries obtained residency cards in Oman last year in a move to bolster the business environment,

The MOCIIP also launched the “Swift Intervention Window” on Sunday initiative to enhance the business and investment environment.

MOCCIP is carrying out 48 initiatives in 2023, including developing and approving the 'Thiqah' brand for electronic stores in the Sultanate of Oman, developing the digitization of industrial licenses in the Oman Business Platform, and a project to upgrade factories to industrial revolution technologies.

MOCIIP will establish the Omani Accreditation Center, to enhance confidence in the outputs of conformity assessment bodies (testing and calibration laboratories, inspection bodies, and certification bodies) in the Sultanate of Oman.

The Competition and Monopoly Prevention Center is working on a project to develop a general framework for a comprehensive index of competition in the Sultanate of Oman, to add sub-indicators of competition in sectors.

The number of investors who obtained investor residency program cards in the Sultanate of Oman reached 3,433 investors in more than 60 countries by the end of December 2023.

The commercial registration fees for foreign investors have been reduced and they will be treated the same as Omani investors.

There are 51 investment opportunities framed through the Invest in Oman platform with an investment volume exceeding RO1 billion.

The “Made in #Oman” campaign contributed to introducing and promoting national products in the local market, promoting the new national product identity logo, and encouraging industrial facilities to obtain their license.

The contribution of the manufacturing sector to the GDP (at current prices) amounted to more than RO2.5 billion in September 2023. The contribution of industrial activities reached 16.7 percent, while the manufacturing industries amounted to 8.1 percent.