Sunday 07 / July / 2024
Muscat: Investors who wish to contribute to Oman’s industrial development now have 50 new opportunities to do so.
Qais bin Muhammad Al Youssef, the Minister of Commerce, Industry and Investment Promotion, inaugurated the new initiative, which is part of the 100 industrial opportunities being run in collaboration with Petroleum Development Oman, and Madayn, the Public Authority for Industrial Estates.
Dr Saleh bin Saeed Masan, the Undersecretary for Commerce and Industry, said industrial development is a key part of Oman Vision 2040, which pursues diversification to reduce reliance on exports, build a resilient economy, and withstand global fluctuations, while providing good employment and living standards for people in the country.
“We would like to emphasise the commitment of the Ministry of Commerce, Industry and Investment Promotion with all partners towards this strategic partnership,” he added.
“We will work to promote these opportunities to attract both local and foreign investors, and help provide all of the support they require to set up their businesses.”
The first phase of this industrial strategy, according to Sami bin Salem Al Saheb, Director General of the Directorate General of Industry, will help meet four objectives. It will target investment in those areas earmarked under the 2040 industrial strategy, generate in-country value across sectors, help develop future technology projects, and develop industrial opportunities in the petrochemical sector.
These 50 opportunities are spread across multiple industries, including mining and quarrying activities, food products, paper and paper products, chemicals, electrical equipment, rubber and rubber products, waste disposal and management, metallurgy, and the assembly of heating and cooling units.
Until September 2020, the industrial sector had contributed OMR four billion to the economy, and represented about 18.6 per cent of the country’s GDP.
Investors to Oman will be given a number of benefits as well, including a five-year exemption from certain taxes, instant licenses, reduced rents in special economic zones such as Duqm, and waivers on customs duty.
“The first step of our industrial strategy is to develop coordination with various institutions and state bodies across the concerned economic sectors, so that we can attract investment in specific sectors,” said Aseela bint Salem Al Samsamiya, the Undersecretary for Investment Promotion. “We will work together to meet any challenges faced by investors.
“Good support is the basis for achieving a good investment climate in any country,” she added. “We are committed to a supportive approach towards attracting investors, stimulating investments, and maintaining sustainable development.”
