Embassies and their role in investment promotion...

During the last few years, I wrote several times about the role Oman’s embassies are playing in the promotion of investment, introduction of the economic environment, rules and regulations of the country in various capitals around the world. These embassies represented the economic strength of the country. They also work as a link between the investors and businessmen around the world and the country.

The issue is that why there should not be optimum utilisation of these embassies to attract more investments, rather than limiting them to their traditional roles. It was heartening that the Ministry of Commerce, Industry and Investment Promotion held virtual meetings with the representatives of the Sultanate in various Asian countries to apprise them of the investment environment in the country, available opportunities, as well as rules and regulations.

Currently there is a new approach that there should be more focus on investment promotion and utilisation of all means, including diplomatic apparatus. This is because the investment is also one of the means of international relations and its development and consolidation.

It is a matter of satisfaction that the work has been done in this area. Embassies are now very helpful in bringing foreign investment to the country. The commerce departments in all these embassies should be made more active and they should be provided by trained cadre who can help in achievement of the objective of bringing more and more investment in the country.

There is no doubt that the Sultanate has good political and diplomatic relations with all countries of the world. There is a sense of mutual trust and confidence between our country and the world.

This qualifies Oman to have a significant share from the global investments. These embassies can help the country in pursuit of this goal. This is required under Oman Vision 2040 which also talks about the vital role of the embassies in attracting foreign investment.

With the help of the Foreign Ministry, the Ministry of Commerce, Industry and Investment Promotion has removed all obstacles in the way of smooth and swift investments in the country. For the purpose, it has made several laws, regulations and frameworks so that there are no hurdles in addressing the aspirations of the investors. There are also relaxations and waiver of taxes and duties. All governorates in the Sultanate are ready with their infrastructure to attract more and more investments.

Now, there is a realisation that conferences, meetings, exhibitions and fairs are not enough for investment promotion. Their importance is not being denied. But a permanent set up at embassies is also very important to build upon the achievements made by the investment-related events. Such establishments open wider horizons, encourage investors and create more confidence and trust among them.

The warm relations between embassies and investors and their friendship are important for bringing investment. Psychological factors are very important in bringing investments. When an investor feels satisfied and confident that he will be able to move his or her investment to the country, then s/he will come and invest.

The commerce attachés of the European, American and other embassies in the Sultanate organise elegant meetings with businessmen. This is the same role we want our embassies to play. Some of our embassies, including that in the Netherlands, have already started playing this role. It held a visual meeting to introduce investment opportunities in the agriculture sector of the Sultanate. More such efforts are required by other embassies.

It is a reality that in the process there are lot of challenges, particularly in the present circumstances. The coronavirus pandemic has also aggravated the situation. But there is no way out except increased efforts to achieve the goal. This is the key for success.