Muscat: The Public Authority for Special Economic Zones and Free Zones (Opaz) has initiated a series of new programs designed to augment the services provided to investors within special economic zones, free zones, and industrial zones.
These programs are a strategic part of Opaz's objective to refine investor services and standardize the incentives and benefits available across these zones.
Dr. Said Khalifa Al Quraini, the General Director of Investment Development at Opaz, remarked, "We are in the process of continuously refining our strategies to attract investors and improve the business environment. This endeavor is in line with our commitment to the fundamental objectives of attracting foreign investment and cultivating an environment conducive to the growth of local investments within economic, free, and industrial zones. Our initiatives also support national efforts in this regard."
Al Quraini further elaborated, "The new initiatives encompass the introduction of additional electronic services tailored to meet the expectations and needs of investors. A pivotal aspect of these efforts is the Investor Services Project, recently initiated by the Authority to bolster investment attraction and foster an environment conducive to growth. The project aims to provide e-government and operational services to investors within the Authority's purview, leveraging the latest technologies and best international practices. This platform is expected to simplify the process of establishing projects, enhance the efficiency and quality of services for investors, and boost their competitiveness."
He also highlighted the importance of increased collaboration with specialists at the Invest Oman Lounge. This partnership aims to reinforce the Lounge's role in attracting strategic investments to the economic, free, and industrial zones under Opaz's jurisdiction. Furthermore, Opaz's strategy includes promoting investment opportunities at various local and international events and optimizing the use of specialized communication tools.
"This year, the Authority organized several workshops featuring specialists in the investment development sector from both Opaz and the zones. These workshops focused on offering additional facilities for investors, addressing their challenges, and facilitating the exchange of experiences. The discussions also included strategies to elevate investment volumes in targeted economic sectors by enhancing existing mechanisms." he added.
Al Quraini concluded by stating that these new initiatives are built upon the successes achieved in the projects implemented in 2023. These successes include the activation of automatic licenses, the launch of the comprehensive service provider, the establishment of the strategic project management platform, the enhancement of the electronic land selection platform, and the streamlining of various import and export procedures. Notably, the initiative to automate license acquisition has reduced the time required for investors to obtain project licenses to just 15 minutes. In 2023, fees for over 80 services across various Authority-managed areas were established, with many services experiencing reductions of up to 90 percent, and fees for small and medium-sized enterprises were reduced by 50 percent. These changes were a direct result of a study conducted by OPAZ to re-engineer investment procedures.
Dr. Said Al Quraini emphasized that the Authority's digital transformation initiatives have significantly incentivized investors to allocate their resources towards economic, free, and industrial zones. This has led to an expansion of access to over 80 electronic services throughout all designated zones, thereby augmenting investors' capacity to engage in business operations with enhanced efficiency online.
Regarding the advantages of investing within economic, free, and industrial zones, the General Director of Investment Development at Opaz underscored the Authority's management of extensive land holdings, which boast significant comparative and competitive advantages. These zones are designed to accommodate a diverse array of investors, ranging from small and medium-sized enterprises to large manufacturers in proximity to major ports, as well as investors in commercial, tourism, and real estate development.
Furthermore, Opaz is responsible for overseeing 22 zones across various governorates, providing investors with a broad selection of options. The General Manager further noted that Opaz meticulously evaluates investors' requests and needs, ensuring they are directed towards the most appropriate zone for their projects.
In conclusion, Dr. Said Al Quraini affirmed the Authority's dedication to improving the business environment within these regions, aiming to foster sustainable economic growth, enhance economic competitiveness, and elevate the value proposition of economic, free, and industrial zones.
