Muscat: Directed by His Majesty the Sultan, the National Program for Attracting Private Investments to the Sultanate and Supporting Omani Exports in Foreign Markets was launched on Sunday.
Included in the first stage of the executive plan for Oman Vision 2040, the programme is aimed at intensifying the government efforts towards attracting private investments, to be one of the catalysts, as part of supporting the national economy. The implementation timeline is three years between 2021 and 2023.
It emphasizes the private sector's role in investment as one of Oman Vision 2040's enablers, in accordance with the directions of the 10th Five-year Development Plan (2021-2025) Ministry of Commerce, Industry and Investment Promotion (MOCIIP).
The program will focus on investing in several economic sectors as a first package, during the scheduled timeline. Targets were set, representing the total amount of investments agreed upon between the relevant entities in every sector. Other economic and development sectors will be targeted in the future.
Establishing and developing several economic zones to become national gates for economic growth in addition to developing the infrastructure of governorates to be able to enhance their
economy and attract investments
Launching a specialized communication program on supporting the program and enhancing its local and international presence, and marketing the investment opportunities and benefits provided by the investment program.
Promoting Special Economic Zones and Free Zones as investment Incubators in the Sultanate by supporting the development of industrial clusters and expanding exports.
Qualifying Omani employees ready to enter the labor market as per the requirements of the coming phase, and encouraging them towards critical thinking, creativity and Innovation
Investment planning and studying the challenges facing the Sultanate's economy, in addition to setting plans to attract investments.
Setting criteria for selecting projects and their follow-up methodology, and applying quality standards in implementing government projects.
Developing legislations. laws and systems in proportion to investors' needs.
Setting objective and operational indicators to evaluate the performance of government entities related to business.
Developing the business environment and reducing the procedures for investors.