MUSCAT: The number of commercial records in South Al Sharqiyah Governorate soared by 37.4% in the first half of this year, reaching 884 compared to 643 in the same period of 2023. The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) revealed a remarkable 684.6% increase in records under the Foreign Capital Investment Law, jumping to 408 from 52 last year.
Khalid bin Hamad al Saadi, Director of the Department of Commerce, highlighted the region's appeal for diverse investments due to its robust infrastructure and ongoing development. He emphasized the department's commitment to facilitating investment through electronic transaction processing, which saw a 107.9% rise in applications this year.
The Ministry's automatic approval mechanism boosted licencing activities to 4,253 in the second quarter, contributing to a cumulative total of 41,183. Industrial licenses also surged by 147.6%, with 2,528 applications in the first half of the year.
The Ministry is focused on enhancing the commercial and industrial sectors by launching investment opportunities in key areas like food security and manufacturing. Collaborating with government bodies, they aim to transform challenges into enablers for investors, aligning with the Industrial Strategy 2040.
Despite a slight dip in certificates of origin, the administration is actively working to stimulate economic activities and exhibitions, fostering development in South Al Sharqiyah. — ONA
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