Sunday 20 / October / 2024
Muscat: Oman has officially joined the World Association of Investment Promotion Agencies (WAIPA), marking a strategic step toward strengthening the country’s global economic presence. As part of this new engagement, Oman aims to leverage international networks to boost foreign direct investment (FDI) across key economic sectors. WAIPA, headquartered in Geneva, Switzerland, brings together investment promotion agencies (IPAs) worldwide, facilitating collaboration, knowledge sharing, and policy alignment to foster sustainable investment and economic development.
Through WAIPA, Oman gains access to global resources and a wide network of expertise, allowing it to enhance its investment promotion strategies and attract high-value projects. Oman’s focus remains on creating an investor-friendly environment through Invest OMAN, which serves as the government’s arm for the realization of foreign investments and facilitating large-scale projects by providing support that accelerate business set up. The initiative ensures that foreign investors benefit from streamlined processes, modern infrastructure, and a stable regulatory environment that promotes long-term growth.
Her Excellency Ibtisam Al Farouji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion, commented on Oman’s participation in WAIPA. “Joining WAIPA signals Oman’s ambition to engage proactively with the global investment community. Through Invest OMAN, we will drive strategic efforts to connect with international investors and create opportunities that align with Oman’s economic diversification goals and Vision 2040 aspirations. This membership positions Oman to benefit from collaborative insights and best practices in investment promotion.”
This strategic partnership with WAIPA comes at a time when Oman is pursuing new avenues to diversify its economy and position itself as a leading regional hub for trade and investment. As part of the WAIPA network, Oman will work closely with other member agencies to exchange best practices and explore collaborative opportunities that align with international investment trends. By doing so, Oman aims to attract impactful investments that support sustainable economic development and foster long-term partnerships.
he Investment Promotion sector at the Ministry of Commerce, Industry, and Investment Promotion plays a key role in positioning Oman as an attractive destination for global investments, focusing on aligning efforts with Oman Vision 2040 priorities. Its remit spans attracting major foreign investments in strategic sectors, enhancing the business environment, and offering targeted services to investors. Through proactive campaigns, exhibitions, and international outreach, the sector promotes Oman’s investment opportunities to a global audience. Central to these efforts is Invest OMAN, a one-stop destination platform that brings together representatives from 22 public and private entities to streamline approvals and licensing processes, essential for setting up investments and businesses. The platform also provides tools to leverage Oman’s opportunity map, ensuring investors can tap into the country’s most promising sectors. This integrated approach ensures that investment opportunities are swiftly converted into sustainable projects, driving economic growth and long-term development.
