MUSCAT: The Shura Council hosted HE Qais Al Youssef, Minister of Trade, Industry and Investment Promotion, in its 13th session of the third annual session of the ninth period.

Discussion were held on several topics, including the ministry’s vision for the future of industry and the evaluation of the results of FTA applications, policies, programs, antitrust legislation and export development strategy.

His Excellency, in his speech on Sunday, has confirmed that the Ministry of Trade, Industry and Investment Promotion is working in cooperation and integration with various units of the state administrative apparatus to develop packages of facilities, incentives and procedures to raise the contribution of sectors associated with the Ministry.

His Excellency also pointed to the increase in the contribution of domestic trade to the GDP of most commercial economic activities at current prices by 8.06 percent to about OMR 2.8 million until the end of December 2021.

He added, “The contribution of service activities to GDP as of the end of December 2021 was over OMR 16.5 billion, up 50.20 percent compared to the same period in 2020.

As of the end of December 2021, the number of registered trade records with the Ministry reached 349,894, and the total number of transactions completed through the “Invest Easily” platform was about 789,493 transactions in 2021, an increase of 39 percent compared to 2020, the minister said.

“A number of incentives have been taken to attract foreign investment and improve operating levels such as allowing business and business and investment activities through obtaining the initial license and treating foreign investment companies as national companies, granting residence to investors and other incentives,” the minister added.