Muscat: The Sultanate of Oman has formally affiliated with the World Association of Investment Promotion Agencies (WAIPA), signifying a significant strategic move towards augmenting the nation's presence on the global economic stage. As an integral component of this affiliation, Oman intends to utilize international networks to elevate foreign direct investment (FDI) across critical economic sectors. Headquartered in Geneva, Switzerland, WAIPA unites investment promotion agencies (IPAs) from around the world, facilitating collaboration, knowledge exchange, and policy alignment to cultivate sustainable investment and economic development.
Through its membership with WAIPA, Oman gains access to a global pool of resources and expertise, thereby enhancing its investment promotion strategies and attracting high-value projects. The Sultanate's emphasis remains on fostering an investor-friendly environment through Invest OMAN, which acts as the governmental entity responsible for the facilitation of foreign investments and the support of large-scale projects by expediting the business establishment process. This initiative ensures that foreign investors are afforded streamlined processes, modern infrastructure, and a regulatory environment conducive to long-term growth.
Her Excellency Ibtisam Al Farouji, the Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion, has commented on Oman's entry into WAIPA. "Oman's affiliation with WAIPA underscores its ambition to actively engage with the international investment community. Through Invest OMAN, we are committed to strategic efforts aimed at connecting with international investors and creating opportunities that are in harmony with Oman's economic diversification objectives and Vision 2040 aspirations. This membership places Oman in a favorable position to benefit from collaborative insights and best practices in investment promotion."
This strategic alliance with WAIPA is occurring at a juncture when Oman is exploring new avenues to diversify its economy and establish itself as a premier regional hub for trade and investment. Within the WAIPA framework, Oman will collaborate closely with other member agencies to exchange best practices and explore joint opportunities that align with global investment trends. By doing so, Oman seeks to attract significant investments that support sustainable economic development and forge long-term partnerships.
The Investment Promotion sector at the Ministry of Commerce, Industry, and Investment Promotion is pivotal in positioning Oman as an alluring destination for international investments, focusing on aligning its efforts with the priorities of Oman Vision 2040. Its responsibilities include attracting major foreign investments in strategic sectors, enhancing the business environment, and providing targeted services to investors. Through proactive campaigns, exhibitions, and international outreach, the sector promotes Oman's investment prospects to a global audience. At the heart of these efforts is Invest OMAN, a comprehensive platform that integrates representatives from 22 public and private entities to streamline the approval and licensing processes, which are crucial for the establishment of investments and businesses. The platform also offers tools to leverage Oman's opportunity map, ensuring that investors can access the country's most promising sectors. This integrated approach ensures that investment opportunities are swiftly transformed into sustainable ventures, driving economic growth and long-term development.
