MUSCAT: The German Agency for Trade and Investment (GTAI) of the German Federal Ministry of Economy and Energy has stated that the Sultanate of Oman has introduced new measures to attract foreign investments to the country.

In a new report published on its website, it said that the regulations of the new investment law entered into force in Oman during the month of April, noting that the amendment of the law aims to provide more financing opportunities for foreign investors.

The report has pointed out that the Omani Ministry of Commerce, Industry and Investment Promotion issued a new ministerial decision (No. 306 of 2022) to amend some articles of the executive regulations of the Foreign Capital Investment Law, and the general rules and procedures and conditions for investment license sections are specifically concerned with changes in the executive regulations.

The report has explained new law which allows the Ministry of Commerce, Industry and Investment Promotion to authorise individuals, institutions and companies inside and outside Oman to promote investment opportunities.

According to the report, encouraging and attracting foreign investment in Oman was limited to government agencies only.

Now, foreign investors in Oman also have the option of appointing representatives to review and submit the investment license application on their behalf, stressing that with the amendment, this participation has become limited to offices specifically licensed by the Ministry of Commerce, Industry and Investment Promotion, to examine such applications.

This regulation aims to provide transparency, in line with the expected increase in applications for investment licenses in the Sultanate of Oman.