Foreign investments

Various incentives offered to attract foreign investment | Oman time

Photo – His Excellency Qais bin Mohammed Al Yousef, Minister of Trade, Industry and Investment Promotion

Muscat: The Sultanate of Oman has offered a number of incentives to attract foreign investment, such as treating foreign investment companies as domestic companies and granting residency to expatriate investors, the trade minister said , Industry and Investment Promotion.

The Oman News Agency (ONA), reported that the Shura Council hosted His Excellency Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, during its 13th session of the third annual session of the ninth period to discuss several axes, in particular: the ministry’s vision for the future of the industry, the evaluation of the results of the applications of the free trade agreement, the policies, the programs and legislation to protect competition, prevent monopolies and export development strategy.

His Excellency the Minister confirmed in his address that the Ministry of Trade, Industry and Investment Promotion works in cooperation and integration with the various units of the administrative apparatus of the State to develop sets of facilities , incentives and procedures to increase the contribution of the sectors associated with the ministry.

The Minister of Trade reports that the domestic trade contribution to GDP from most commercial economic activities at current prices increased by 8.06% to around OMR 2,847,100,000 through the end of December 2021.

“The contribution of service activities to GDP up to the end of December 2021 amounted to approximately OMR 16,571,400,000, an increase of 50.20% compared to the same period in 2020,” the minister said.

The minister confirmed that the number of business records registered with the ministry up to the end of December 2021 had reached 349,894 business records, and the total transactions made through the “Invest Easy” platform amounted to approximately 789,493 transactions in 2021, an increase of 39% compared to 2020.

“A number of incentives have been taken with a view to attracting foreign investment and improving operating levels, such as the authorization to exercise commercial and investment activities by obtaining the initial license, the treatment of foreign investment companies as national companies, the granting of residency to investors and other incentives,” the Minister added.