Muscat: Organising business visits to and from Oman, providing accurate data and direct communication with investors, enhancing cooperation and economic partnerships, creating alliances between private sectors in Oman and other countries and introducing investors to Omani markets are some of the methods being taken by the Oman Chamber of Commerce and Industry (OCCI) to attract more investments in the Sultanate.
Redha bin Juma Al Saleh, the chairman of the OCCI, said the organisation had prepared a study that looked into raising competitiveness levels in Oman in the fields of investment and project development across various economic sectors. Partnering with a specialised consulting firm in this regard, the aim of the study is to encourage companies in Oman to apply the best global and regional practices which, in turn, will encourage foreign investment.
A knock-on effect of this is an increase in national GDP and proper opportunities of work for local manpower. “The initiatives of OCCI were drafted to improve the business environment in the Sultanate by contributing our proposals and visions to support decision-making in this regard,” said Al Saleh.
“We are also working to attract and localise foreign investments through multiple mechanisms, including mutual visits among business owners here and in other countries, providing data and direct communication to investors, enhancing communication and economic and commercial cooperation between the OCCI and its counterparts in friendly countries, creating partnerships between the private sector in Oman and that in other countries and discovering more commercial and investment opportunities that can add value to the national economy,” the chairman of the OCCI added.
As part of efforts to set up mutual trade delegations, Oman will look at organising missions to Kuwait, Saudi Arabia, the US, Bangladesh, Brazil and a number of African countries. Commercial delegations run by OCCI’s branches in the governorates have also earmarked foreign visits to Korea, Japan, Tunisia and Indonesia among others.
During these visits, bilateral meetings will be held and interactive sessions held to promote Oman as an investment destination. Other initiatives OCCI worked on were preparing reports on the opportunities and economic development plans for Al Buraimi, Ad Dhahirah and Al Wusta.
“Within its framework to empower the private sector across various economic fields in Oman, OCCI actively participates in formulating decisions aimed at supporting the economies in various governorates,” said Al Saleh. “We continuously work on studying the challenges facing local economic development, so that we can help achieve the government’s visions and plans to overcome these challenges, and achieve our objective of maximising benefits from the comparative advantages of each governorate.”
Other initiatives OCCI worked on were preparing reports on the investment opportunities and economic development plans for Al Buraimi, Ad Dhahirah and Al Wusta. These reports will act as guidelines on how to prepare plans for economic development and investment opportunities in the other governorates.
The chairman added: “We also contributed to the establishment of closed joint-stock companies in Musandam, Al Buraimi, Ad Dhahirah, and South Ash Sharqiyah, so that we can assist in the investment development of these governorates. Companies like these encourage Omanis – whether business owners or individuals – to invest in companies. We are also looking at expanding this set up to other governorates, in line with Oman Vision 2040.”