UNCTAD hails Sultanate’s measures to attract foreign investments

Geneva: The United Nations Conference on Trade and Development (UNCTAD) has commended the administrative and legislative procedures taken by the Sultanate to enhance its investment environment.

The World Investment Report 2020 published by UNCTAD on Tuesday said Oman promulgated a set of laws governing public-private partnership, privatization and foreign capital investment, with the aim of creating a more favourable regulatory environment for investment.

The Sultanate, among many countries, has offered certain incentives for investment in individual sectors related to the sustainable development goals. The Sultanate also provided exemption of income tax in the sectors of education, child care, training in pre-school education and health care through establishing private hospitals.

The Sultanate streamlined procedures for initiating foreign investment and provided foreign investors with incentives and guarantees. It also established an investment portal designed to enable local companies to attract foreign investors worldwide, the report said.

According to the report, Global FDI flows are forecast to decrease by up to 40 per cent in 2020, from their 2019 value of $1.54 trillion. This would bring FDI below $1 trillion for the first time since 2005. FDI is projected to decrease by a further 5 to 10 per cent in 2021 and to initiate a recovery in 2022. — ONA

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