Muscat: The Ministry of Commerce, Industry, and Investment Promotion has provided an update on the foreign direct investment (FDI) situation in Oman. As of the end of the third quarter of 2023, the volume of FDI in the country has surpassed OMR25 billion, representing a significant increase of OMR4.8 billion compared to the same period in 2022.
In particular, the converting sector has seen substantial FDI, with an amount exceeding OMR1.4 billion by the end of the third quarter of 2023.
Furthermore, the industrial sector has successfully attracted 35 industrial projects, with investments totaling over OMR800 million. These projects span various industrial activities and are located in different industrial and free zones.
In terms of trade, the total volume of trade exchange between Oman and other countries has reached approximately OMR37.6 billion in 2023. The Sultanate's merchandise exports alone have amounted to OMR22.7 billion, with OMR13.76 billion coming from the oil and gas sector and OMR7.4 billion from the non-oil sector.
Additionally, the re-export sector has made a significant contribution, amounting to OMR1.5 billion, reflecting a growth of 12.8 percent.
Looking ahead to 2024, the Ministry of Commerce, Industry, and Investment Promotion has outlined its plan, which centers around digital transition. The plan aims to enhance the quality of services, reduce costs, save time and effort, and promote flexibility in the workplace.
Furthermore, the ministry intends to improve communication, operational efficiency, and customer service through its existing electronic platforms.
These updates were shared during a media briefing held on Sunday, under the theme "Digital Transition Roadmap."
The briefing was attended by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, Dr. Saleh Said Masan, Undersecretary of the Ministry for Commerce and Industry, Ibtisam Ahmed Al Farooji, the Ministry’s Undersecretary for Investment Promotion, and Pankaj Khimji, Adviser for Foreign Trade and International Cooperation at the Ministry, alongside other officials.
At the media gathering, the Ministry introduced the Rapid Intervention Initiative at the Invest Oman Lounge call center. This initiative showcases the Ministry's commitment to improving the business environment by promptly addressing challenges faced by investors.
A specialized team manages the Rapid Intervention Window, fully equipped to assist investors. The team actively monitors the business landscape and tackles various obstacles encountered by investors.
The Ministry of Commerce, Industry and Investment Promotion announced 29 initiatives for 2023, with 18 initiatives already completed and fully implemented, exceeding an 85% completion rate. Additionally, 42 initiatives are planned for the current year (2024).
In 2023, the Oman Business Platform was enhanced, with 24 out of 27 services digitized, representing 89% of the Ministry's services.
The Ministry highlighted that the manufacturing sector contributed OMR2.6 billion to the GDP in September 2023, with industrial activities contributing approximately 16.7% and manufacturing industries contributing around 8.1% to the GDP at current prices.
The Ministry emphasized that the launch of the “Made in Oman” campaign was designed to showcase national products available in the local market, promote the logo of the new national product identity, and encourage industrial establishments to acquire their own licenses.
The campaign, as explained by the ministry, also aimed to strengthen the local consumer’s trust in national products as the preferred choice and to establish a platform for communication and interaction between producers and consumers.
The media briefing highlighted the services provided through the Invest Oman lounge, which caters to investors within an integrated system focusing on investment in the Sultanate of Oman. The relevant departments include the Oman Investment Authority, the National Programme for Investment and Export Development “Nazdaher”, the Investment Promotion Sector at the Ministry of Commerce, Industry and Investment Promotion, and various government and private sector entities.
Under this program, 14 government departments and 6 private sector entities collaborate to support investors under one roof. Nazdaher includes the latest programs aimed at streamlining and expediting procedures.
At the event, the Ministry presented a total of 51 approved investment opportunities available through the Invest Oman platform, with an investment value exceeding OMR1 billion.
Over 50 delegations visited the Invest Oman Lounge, while a total of 3,722 individuals and companies reached out to the Invest Oman Lounge through its customer service system.
The Ministry reported that as of the end of December 2023, 3,433 investors from over 60 countries had obtained the “Investor Residency Card”.
