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MoCIIP unveils RO13mn in investment opportunities to boost food sector

23 May 2023 By OUR CORRESPONDENT

Muscat – In a collaborative effort with the private sector, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has introduced four investment opportunities in the food sector aiming to enhance national income and stimulate economic growth.

An official from MoCIIP stated, “These investment opportunities comprise four projects, including a fish products manufacturing factory, a food technology training, testing and development centre, an evaporated and condensed milk production unit, and a date processing and packing facility. The total investment value of these projects exceeds RO13mn.”

The primary objective of these investments is to diversify the economy, facilitate development in the governorates, and create an enabling environment for successful investments. “Additionally, the investments aims to empower the private sector, attract foreign direct investment, and establish Oman as a favourable destination for various food industries.”

Detailing the investment prospects, the official said, “The manufacturing facility for fish products will be established in the Special Economic Zone at Duqm, spread over an area of 1,000sqm. The project is worth RO4.2mn and offers a return on investment of 13.9 per cent.”

He informed that the food technology training, testing and development centre, situated in Muscat, will be set up on an area of 20,000sqm with an investment of RO3.9mn.

“The centre aims to address gaps in the food safety and control system, while supporting the growth of Oman’s food industry,” the MoCIIP official said.

The evaporated and condensed milk facility will produce an Omani brand. The unit will be constructed on a 8,000sqm plot in Sohar Free Zone with an investment of RO3mn and a return on investment of 14.1 per cent.

The date processing and packing facility will be built in the industrial area of the wilayat of Samail, Dakhliyah. Spread over 5,000sqm, this project will see an investment of RO2.1mn with a return on investment of 17.4 per cent.

Highlighting the ministry’s efforts to enhance national income and stimulate economic growth, the official said, “MoCIIP conducts thorough studies of target markets, analyses promising economic sectors, and identifies investment opportunities within these.”

Additionally, the ministry organises promotional events and its trade delegations showcase Oman’s investment environment to attract local and foreign investors across various sectors.

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