Aiming to push for new foreign direct investment (FDI) into the sultanate, Oman has started direct dialogue with its ambassadors on deputation in various countries.
The first meeting in this regard was held with Omani ambassadors of 15 Asian countries on Wednesday by the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) virtually.
The meeting was held under the auspices of H E Asila bint Salim al Samsamiyah, Undersecretary for Investment Promotion in MoCIIP, in the presence of H E Shaikh Khalifa bin Ali al Harthy, Undersecretary for Diplomatic Affairs in the Foreign Ministry, representatives of the Ministry of Transport, Communications and Information Technology, the Ministry of Heritage and Tourism, the Public Authority for Special Economic Zones and Free Zones (OPAZ), and Oman Investment Authority.
The meeting focused on introducing the investment opportunities available in Oman in the various target sectors in order to enhance economic development.
H E Asila said, “The Ministry of Commerce, Industry and Investment Promotion has prepared a set of policies to create an attractive climate for investors, and to develop exports in line with Oman Vision 2040. The vision is based on several basic factors, such as working to remove obstacles and all challenges faced by investors, simplifying procedures and facilitating these through sector restructuring initiatives, and preparing a project that includes investment opportunities with government agencies in various sectors.
“The vision also includes focusing on the localisation of a number of industries in the sultanate, such as the transformational sectors, by bringing in more investments from countries to benefit from their advanced industrial expertise.
“Additionally, the vision includes establishing joint investments, opening markets for the development of exports and pushing them to global markets. The sectors in focus for foreign investment include food security and health,” H E Asila said.
“The sultanate also seeks to focus on enhancing investments in the information technology sector, and upgrading the sultanate’s industries to expand into markets that are more acceptable and absorbing of exports, such as the Asian markets, which are one of the most promising markets for Omani exports,” H E Asila added.
She informed that the volume of FDI until the end of the first quarter of 2020 was RO14.213bn, a growth of six per cent over the same period in 2019. “The sultanate will improve and develop the services provided to investors through the Investment Services Centre, and ensure that the work is completed as soon as possible.”
She thanked the Foreign Ministry for its support and the investment promotion department of MoCIIP for achieving its objectives of bringing foreign capital and increasing Omani exports.