New initiatives aim to bring more investors to Sultanate in 2022

Oman Monday 11/April/2022 22:30 PM
By: Times News Service
New initiatives aim to bring more investors to Sultanate in 2022
The goal is to raise the country to the ranks of the developed nations around the world.

Muscat:  Creating new industrial investment opportunities, development of a general mark of quality, promoting Oman as an investment destination globally, launching a national e-commerce plan, a fast-track plan to develop the local business environment, and setting up a dedicated investor services centre are some of the initiatives the Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has decided to take in 2022, as part of its efforts to boost investment in the country.

The ministry, at a press conference on Monday, outlined the plans it has for investment promotion in 2022, as well as shed light on the achievements in 2021.

“Our goal is to raise the Sultanate of Oman to the ranks of the developed countries around the world, in line with the objectives of Oman Vision 2040,” said Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion.

“The attention paid by His Majesty the Sultan – may God protect him – towards the national economy and the continuous role of the private sector, which plays its role as a partner of the government, reflects the importance of the role played by the various commercial and industrial sectors, alongside investment promotion, competition protection and preventing monopolies so that we may advance in economic development.”

Under six categories, the ministry has drawn up some 41 initiatives to create a positive business environment in Oman and attract more investors to the country in 2022.

Six initiatives are under the commerce sector, the most important of which are linking commercial transactions to the Bayan Platform; a national e-commerce plan; and e-documentation services. Nine initiatives are planned for the industrial sector, among which are the launch of new investment opportunities, improving the identity of national products and introducing Arabic e-certificates of origin.

When it comes to specifications and measurements, seven plans have been chalked out; key among them are the development of a compatibility system in the Sultanate of Oman and the development of a general quality mark.

Global promotions and the creation of an investment map are both considered key areas – alongside the Invest in Oman Portal – when it comes to the field of investment promotion.

Similarly, in terms of the nine investment services plans, establishing a fast track plan to develop the business environment in Oman that will work alongside an investor services centre is considered a priority.

Furthermore, the Centre for Competitiveness, Protection and Prevention of anti-Monopoly has been asked to study the competitiveness conditions for the retail sector, as well as the prices of automobiles and their spare parts.

“We reached 100 percent completion among 17 initiatives implemented by the ministry in 2021. Some initiatives have been carried forward to this year and work continues on some more initiatives,” said Minister Al Yousef.

The minister added that the new initiatives of the ministry would enhance the impact of the economic stimulus plan that was drawn up to develop the governorates of Oman.

Efforts taken under this plan include raising funds allocated to the governorate development programme from OMR10 million to OMR20 million, creating a pricing guide for government services and reducing fees across a number of services.

“These are incentives for us to do more to create a stimulating environment for business, to achieve a diversified and sustainable economy, to meet the developments and changes that come our way, to be able to compete in the international community, and be ready to meet the needs of our citizens, both now and in future,” explained the minister.