Saturday 17 / May / 2025
Muscat: The Sultanate of Oman has offered a number of incentives to attract foreign investments such as treating the foreign investment companies as national companies and granting residence to expat investors, the Minister of Commerce, Industry and Investment Promotion said.
Oman News Agency (ONA), reported that the Shura Council hosted His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, in its 13th session of the third annual session of the ninth period to discuss several axes, including: the ministry's vision for the future of the industry, evaluation of the results of the applications of the free trade agreement, policies, programs and legislation to protect competition, prevent monopoly, and export development strategy.
His Excellency the Minister confirmed in his speech that the Ministry of Commerce, Industry and Investment Promotion is working in cooperation and integration with the various units of the state's administrative apparatus to develop packages of facilities, incentives and procedures to raise the contribution of sectors associated with the Ministry.
The Minister of Commerce indicates that the contribution of internal trade to the GDP of most commercial economic activities at current prices increased by 8.06 per cent to reach about OMR 2,847,100,000 until the end of December 2021.
"The contribution of service activities to the GDP until the end of December 2021 amounted to about OMR 16,571,400,000, an increase of 50.20 per cent compared to the same period in 2020," the Minister said.
The Minister confirmed that the number of commercial records registered with the Ministry until the end of December 2021 reached 349,894 commercial records, and the total transactions completed through the “Invest Easy”platform amounted to about 789,493 transactions in 2021, an increase of 39 percent compared to 2020.
"A number of incentives have been taken aimed at attracting foreign investments and improving operating levels, such as allowing the practice of business and commercial and investment activities through obtaining the initial license, treating foreign investment companies as national companies, granting residence to investors and other incentives, " the Minister added.
