Investments in food industry exceed OMR13 million

Business Tuesday 23/May/2023 19:07 PM
Investments in food industry exceed OMR13 million

Muscat: The available investment opportunities in the food industry in cooperation with the government and private sectors exceeds OMR13 million, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), said on Tuesday.

The investment opportunities include in the field of value-added fish industries products, the centre for training, testing and developing food technology, dairy industries and date processing and packaging, according to the ministry.

The ministry said that the value-added fish industries products opportunity is a new manufacturing facility that will be established in the Special Economic Zone at Duqm on a land area of 1,000 square metres, with an investment of OMR4.2 million and an investment revenue of 13.9 percent.

The centre for training, testing and developing food technology is an investment opportunity to address the gaps in the system of food safety and monitoring. The centre will be set up in the Governorate of Muscat on aa area of more than 20,000 square metres at an investment of OMR3.9mn.

The dairy industries investment opportunity deals with the establishment of a new unit for evaporating and condensing milk. The investment will have an Omani trademark. The proposed unit will be set up on an area of 8,000 square metres at the free zone in Sohar, with an investment of OMR3 million and an investment revenue of 14.1 percent.

The date processing and packaging deals with the setting up of a new production facility for processing and packing dates for the commercial and retail food sectors. The unit will have an investment of OMR2.1 million and an investment revenue of 17.4 percent.

The ministry further said that these opportunities are aimed at attracting qualitative investments into the sectors for economic diversification and to contribute to the development of the Sultanate’s governorates.

While these opportunities are in a number of governorates it is aimed at creating an ideal environment for the success of these investments and to contribute in increasing the share of foreign direct investment (FDI) in the gross domestic product (GDP). These initiatives will also help to promote the Sultanate of Oman as an ideal investment destination in the various food industries.

With regards to digital adaptability, the ministry said that the provision of a basic digital infrastructure was made through the Invest Oman lounge. The Invest Oman platform aims at serving investors, and enabling them to access the platform’s website and take advantage of the services provided through it.

The website of the lounge was designed to comply with the requirements of investment marketing in the country. It includes the main investment sectors, like logistics, manufacturing, education, information technology, health, circular economy, mining, fisheries, energy, renewable power resources, agricultural wealth sector and the tourism sector.