Muscat: During its annual media briefing in Muscat, the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) announced that the total number of commercial registrations in Oman rose by 13.96% in 2024, reaching 441,773 compared to the previous year.
The ministry reported a 3.6% increase in the domestic trade sector's contribution to Oman’s GDP in 2024, totaling over 19 billion OMR, with service activities representing 46.5% of the GDP. Furthermore, foreign direct investments surpassed 30 billion OMR by the end of 2024, reflecting an increase of 4.58 billion OMR from 2023. Investments in the manufacturing sector alone exceeded 2.4 billion OMR.
Oman's overall trade volume with international markets exceeded 40.9 billion OMR in 2024, with commodity exports reaching 24.2 billion OMR. The ministry is actively working to strengthen its presence in both regional and global markets, particularly targeting GCC countries, East Asia, Africa, the Indian subcontinent, the USA, Europe, and China to foster economic diversification.
In 2024, the ministry launched 41 initiatives, successfully completing 29, and has plans for 15 additional initiatives in 2025 across various sectors, including trade, industry, investment services, competition protection, and standardization.
Through the Oman Business Platform, 827,129 transactions were processed in 2024, marking a 15.1% increase from 2023, along with the issuance of over one million automatic licenses since April 2021. Additionally, requests for trademarks, patents, copyrights, and industrial designs reached a total of 12,675 in 2024. The Sanad Service Centers facilitated over 1.2 million electronic transactions through 913 centers.
The ministry is actively executing targeted programs in collaboration with the National Employment Program, the Ministry of Labour, and local businesses, focusing on sectors such as wholesale and retail, construction, and manufacturing. In the latter half of 2024, Oman successfully employed 18,437 citizens in these areas.
The Invest in Oman platform highlighted 68 investment opportunities and facilitated the processing of 90 projects, with 40 of these projects valued at over 1 billion OMR being localized. By February 2025, Oman had issued Investor Residency Program cards to 3,407 investors from more than 60 countries.
Additionally, the ministry introduced initiatives aimed at enhancing trust in conformity assessment results and implemented over 1,000 new standards to improve the international competitiveness of products. Efforts to address concealed trade were strengthened in conjunction with "Oman Exports," which links local businesses to international markets and promotes non-oil exports.
During a recent briefing, the ministry presented the “Najd Agricultural Area Guide” to attract investments in food security, the “Ishrak Window” to encourage investor involvement in regulatory reviews, and the “Tijara Channel” to foster greater public engagement. Furthermore, it announced the inaugural "Advantage Oman Forum," scheduled for April 27-28, to discuss investment opportunities both globally and locally.
The event was attended by officials, including Qais bin Mohammed Al-Yousef, the Minister of Commerce, Industry, and Investment Promotion, along with other senior representatives.
