Tuesday 24 / December / 2024
Mumbai: As part of a series of engagements with Indian business houses, Oman’s Minister of Commerce, Industry and Investment Promotion HE Qais Mohammed Al Yousef, met with top Indian jewellers in Mumbai on Saturday.
The meeting was held as part of the efforts with the India Gems And Jewellery Council to apprise them about the opportunities available in Oman and invite them to build manufacturing hub by utilising the opportunities offered by the government.
Welcoming the members of Indian Jewellery Council, the minister said; “We are at a very advanced stage of negotiations for signing of the India-Oman Comprehensive Economic Partnership Agreement. This sector is not only important for India but also for our part of the world.
“Oman possesses numerous competitive advantages that span across various sectors, including food, fisheries, aquaculture, agriculture, chemicals, metals, and minerals.
“Additionally, our strategic location is a significant asset. World-class ports like Duqm, Sohar, and Salalah are situated near major shipping lanes and connected by a robust road network. Oman benefits from free trade agreements (FTAs) with GCC nations and other countries, facilitating streamlined customs procedures and access to broader markets. These advantages, combined with the requirement for 35 percent in-country value addition, contribute to a favorable environment for businesses. Furthermore, recent FTAs with Singapore, Switzerland, and Pakistan will further enhance trade opportunities in the near future.
“Food security, mining, logistics, tourism, manufacturing are the sectors in which Oman has comparative advantage. The relationship between Oman and India is organic and has been created 5000 years ago. It’s a people to people contact ties. The process of doing business in Oman has been streamlined. You no longer need to be physically present in Oman to establish a company; you can now complete the process remotely.
“However, we would certainly welcome a visit to explore the various investment opportunities available, including tax-free zones and industrial estates. But we have a rule of origin under which you have to add 35 percent of value and for Gulf states 20 percent,” he added.
“We also have a residency programme for foreigners. If you own big land with more than 5,000 square feet area,” he added.
While some participants sought clarification on the 35 percent margin because the minimum threshold on gold for export is 5 percent, to which the minister assured them to review the matter.
Invitation
Inviting them to see Oman’s industrial zones, he said “When you build a factory, raw material can come free of cost. When you are eyeing export, you don’t need industrial zones, use the free zones. If you are focusing on GCC, better do it in Industrial or economic zones. If you sell from free zones to local, you have a customs of 5 percent. We have the policy of Omanisation (30 to 35%, but it is not to be done from day one. It is gradual and negotiable ).
“ We have a national negotiating team to look into your issues, understand you better. We have created an Invest Oman lounge that is linked with 15 other government entities to solve your problems. It’s like a one –stop shop for all the services,” he added.
Ms Mariya Al Hashar, Tourism sector Lead, OmanNational Programme for Private Sector and Foreign Trade (Nazdaher), Abdullah Al Rawahi, Section head, Industry Analysis and Evaluation, Ministry of Commerce Industry and Investment Promotion and Jamil Albalushi, Consulate General of Oman in Mumbai also presented their views.
