Foreign investment rises to RO26.7bn; manufacturing, food security and pharmaceuticals account for 50% FDI

Muscat – Oman welcomed 22 trade and investment delegations in 2024, leading to a notable rise in foreign direct investments (FDI), which reached RO26.677bn by the end of September.

The milestone was announced during a meeting hosted by Ministry of Commerce, Industry and Investment Promotion in collaboration with Foreign Ministry. The gathering brought together ambassadors and heads of diplomatic missions accredited to Oman to discuss strategies for enhancing foreign investment.

H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasised the importance of leveraging the country’s investment opportunities. Discussions focused on incentives and potential investments in key sectors, including manufacturing, food security and pharmaceuticals, which now account for 50% of total FDI in Oman.

Discussions included strategies to encourage investors from friendly nations, highlighting Oman’s economic advantages and fostering strong investment partnerships. A key objective was to streamline communication between diplomatic missions and relevant Omani entities.

H E Ibtisam Ahmed Said al Farooji, Undersecretary for Investment Promotion, highlighted the role of diplomatic missions in attracting investors and promoting Omani products abroad. “This meeting serves as a platform to review Oman’s incentives and strengthen international investment partnerships.”

She also commended the Foreign Ministry for its effective coordination, which has bolstered economic cooperation and trade relations between Oman and its international partners. The meeting reaffirmed the sultanate’s commitment to attracting global investment and advancing its economic diversification goals.

H E Sheikh Khalifa bin Ali al Harthy, Undersecretary for Political Affairs in Foreign Ministry, outlined Oman’s achievements in economic and investment cooperation. “Economic diplomacy plays a crucial role in attracting FDI and expanding Omani exports globally.”

He added that Omani embassies worldwide continue to play a crucial role in supporting investment efforts and facilitating access to foreign markets. He assured that his ministry would continue working with relevant bodies to drive economic growth and enhance Oman’s standing as an investment destination.