MUSCAT: Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, stated that the Economic Stimulus Plan reflects the attention accorded by His Majesty Sultan Haitham bin Tarik to the national economy and his support to the private sector so that it can play its role as a partner to the public sector.
The minister said that the Economic Stimulus Plan marks a significant turn for digesting the implications and effects of Covid-19 as the plan involves initiatives aimed at stirring the economy and addressing the challenges facing the private sector in general and entrepreneurs in particular.
In a press statement, the minister said that the Economic Stimulus Plan which was endorsed by the Council of Ministers is based on five major pillars, namely: incentives pertaining to taxes and fees, incentives that target to improve business and investment environment, incentives for boosting small and medium enterprises, incentives targeting the labour market and employment, and banking incentives aimed to enhance efforts to alleviate the impacts of Covid-19 pandemic on the national economy through a set of measures to support efforts for enhancing economic recovery, economic activities and attracting foreign investments.
The minister of commerce, industry and investment promotion, added that the Economic Stimulus Plan will bring about a paradigm shift to the economic activities by allowing investors and entrepreneurs to obtain a preliminary license to start-up businesses for the first time in the Sultanate which is considered a progressive step to facilitate businesses and investments.
The minister added that the Ministry of Commerce, Industry and Investment Promotion, will translate the plan in what serves the national economy and contribute to facilitating businesses by enforcing the plan’s initiatives and mechanisms, noting that the upcoming period requires both the public and the private sector to accord special attention to the incentives and mechanisms of the Economic Stimulus Plan in order to stir the economy and attract local and international investors.
The minister affirmed that the Economic Stimulus Plan offers a number of incentives to commercial businesses and investments including reducing the fees for registration of foreign investment companies operating in the major and highly prioritized five economic sectors of tourism, manufacturing, mining, fisheries and transport and logistics.
The Ministry of Commerce, Industry and Investment Promotion will sign a service agreement for the strategic investment projects exceeding RO 1 million. The agreement will specify the rights and responsibilities of each party including the fees and the required Omanization rate to reassure investors about their investments, the minister said.
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