MUSCAT : Highlighting Oman’s attractiveness to foreign investors, the Ministry revealed that foreign direct investments in the Sultanate surpassed RO 25 billion by the end of the third quarter of 2023.
Moreover, the industrial sector is poised to welcome approximately 35 new projects with investments exceeding RO 800 million by the end of the first quarter of 2024, spanning various industrial activities across industrial and free zones.

As part of its ‘Digital Transformation Roadmap’ for 2024, the Ministry also announced 42 initiatives and electronic services through its digital platforms.

Throughout 2023, the Ministry facilitated the signing of industrial projects totaling over RO 385 million in investment volume, with the manufacturing sector alone attracting more than RO 1.4 in foreign direct investment. Total trade exchange between Oman and the world reached about RO 37.6 billion, with merchandise exports totaling over RO 22.6 billion, including significant contributions from the oil and gas sector.

Efforts to streamline business processes and enhance efficiency were evident, with over 437.8 thousand commercial records registered on the ‘Oman Business Platform’ and more than 714,000 transactions completed through the platform in 2023. The Ministry also issued Ministerial Resolution No. 62/2023 to regulate the licensing of the national product identity, aiming to create a unified framework for promoting Omani products and boosting their competitiveness.

In a bid to attract foreign investors, the Ministry reduced commercial registration fees and treated foreign investors on par with Omani investors. Over 51 investment opportunities, with a cumulative investment volume exceeding RO 1 billion, were framed through the Invest in Oman platform.

Furthermore, the Ministry launched various initiatives to enhance the business and investment environment, including the ‘Rapid Intervention Window’ initiative, aimed at expediting processes and fostering a conducive atmosphere for business growth and investment.

Overall, the Ministry’s comprehensive approach to economic development and digital transformation underscores Oman’s commitment to fostering innovation, attracting investment, and enhancing competitiveness in the global marketplace.

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