Muscat: The Ministry of Commerce and Industry and Investment Promotion has said that it is working on many initiatives for various sectors, which will be launched soon to create a conducive investment environment.
The initiatives will include drafting a national strategy for intellectual property, e-commerce activities, regulations regarding fees for displaying Omani products in commercial complexes. To facilitate and simplify the procedures for obtaining all approvals, permits, and necessary licenses for his commercial project, the most important aspect of the national program to attract investments is the automatic approval service for licenses for more than 1,500 activities.
In an interview, Qais bin Mohammed al Yousuf, Minister of Commerce and Industry and Investment Promotion has said that the ministry is currently working on changing the industrial law, and 100 industrial opportunities will be announced in two stages, and an industrial strategy is being prepared that is in line with “Oman Vision 2040.
The Foreign Capital Investment Law promulgated by Royal Decree 50/2019 contributes to attracting foreign investments, enhancing the Sultanate's position as an investment destination capable of attracting foreign capital, and raising the Sultanate's ranking in global indicators of business ease and economic diversification, as well as limiting trade.
The law guarantees a number of incentives to encourage foreign investment, including allowing the foreign investor to own 100%, and the absence of a minimum level for foreign capital, and the Omani investor can enter into a partnership with the foreign investor without a specific percentage.
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