Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has laid out an ambitious agenda for 2024, following a robust year of growth and development.

At its annual media meeting on Sunday, the ministry highlighted significant strides in trade, investment and industrial innovation, setting the stage for continued economic expansion.

MoCIIP announced that it attracted 35 new industrial projects with investments surpassing RO800mn in the first quarter of 2024. These projects span various industrial activities in different industrial and free zones.

In addition to fostering industrial growth, the ministry is focusing on enhancing the business and investment environment through strategic initiatives such as the ‘Immediate Intervention Window’ launched on Sunday. This initiative aims to streamline processes and bolster the efficiency of starting and managing businesses in the sultanate.

2023 achievements

Year 2023 saw significant achievements with the signing of industrial projects amounting to more than RO385mn. Foreign direct investment (FDI) in the industrial sector at the end of the third quarter stood at over RO1.4bn.

Oman’s global trade also showed remarkable performance, with total trade exchange totalling RO37.6bn. Of this, exports were valued at more than RO22.6bn, including 13.7bn in the oil and gas sector.

MoCIIP successfully implemented 29 initiatives, with 85% completion rate, highlighting the government’s commitment to fostering economic growth. Over 437,800 commercial registrations were recorded on Oman Business Platform – up 15.8% from the previous year.

The contribution of the industrial sector to gross domestic product (at current prices) amounted to over RO2.5bn – or 16.1% – in September 2023, while contribution of manufacturing activities reached 8.1%.

A total of 27,505 industrial licences were issued and 72,302 certificates of origin approved through Oman Business Platform, reflecting a 21% increase from 2022.

MoCIIP issued Ministerial Resolution No 62/2023 aiming to standardise the marketing identity of Omani national products and enhance their competitiveness.

The Made in Oman campaign has been pivotal in promoting national products, encouraging industrial facilities to adopt the new national product identity logo.

Investment and competitive reforms

Significant reforms were introduced to attract and retain foreign investment. These included reducing commercial registration fees for foreign investors and aligning procedures with Omani investors. The Invest in Oman platform facilitated 51 investment opportunities, totalling investment volume exceeding RO1bn.

The number of investors – hailing from more than 60 countries – who obtained investor residency programme cards totalled 3,433 at the end of December 2023. The Competition and Monopoly Prevention Centre is developing a comprehensive framework for a competition index in Oman, which will include sub-indicators for different sectors, enhancing transparency and competitiveness.

The ministry also focused on tech advancements, including digitisation of industrial licences and a project to upgrade factories to align with Fourth Industrial Revolution technologies.

MoCIIP affirmed that the sultanate has charted an ambitious path transitioning to a knowledge-based economy and achieving a digital society by developing a national strategy and expediting e-governance. This strategy encompasses all areas, including building human capacity, preparing infrastructure, and  building trust by outlining regulatory frameworks and legislation to this end.