Ministry of Commerce outlines plan for year 2023
Published: 02:04 PM,Apr 10,2023 | EDITED : 06:04 PM,Apr 10,2023
Muscat: As many as 989,960 transactions were finalised through Invest Easy portal during 2022, an increase of about 23.1 per cent compared to 2021.
The number of commercial registrations stood at 393,124, up by 15.3 per cent over the number registered in 2021.
This was unveiled by the ministry during its annual media meeting held in Muscat on Monday.
The ministry’s statistics show that 1,600 obtained the Investor Residency Card by March 2023.
The Ministry announced that the name of 'Invest Easy' portal will be changed to 'Oman Business Portal' to cover all electronic services in the commercial business environment. Through this portal, investors can clear all their commercial transactions in accordance with the highest standards endorsed in international websites.
The ministry pointed out that the total number of investment opportunities available through 'Invest Oman Lounge' stood at 38 and that steps are under way to register 9 more opportunities. The lounge presents investment opportunities in all sectors, along with incentives offered to investors, it explained.
The volume of trade exchange between Oman and other countries of the world until December 2022 grew by 41 per cent and accounted for more than RO 40 billion, said the ministry, noting that total merchandise exports stood at more than RO 25 billion (RO 25,255,200,000) by December 2022, according to the ministry.
In its 2022 plan, the ministry focused on projects and businesses that facilitate business practice and boost the private sector’s role in developing the national economy, said the ministry.
Digital transition figured high among the projects, which included the launch of many services like the registration of patents, the establishment of the National Network for the Technology and Innovation Support Centre, which operates alongside all institutions in the government and private sectors, according to the ministry.
The ministry began cutting down the fees charged against foreign investors as part of efforts made by the government to consolidate the investment environment in Oman. These include facilitating procedures for establishing start-ups, offering incentives to encourage stakeholders to establish various projects that back the national economy and enhance economic activity.
The Ministry also started upgrading the Omani quality excellence trademark in a manner that fits with the market situation in the country and meets the best international practices. It also finished drafting the executive framework of the “Omani system for Developing Standard Specifications”.
As part of its 2023 plan, the ministry announced 48 initiatives in commercial and industrial sectors and the protection of competition and prevention of monopoly. It also outlined investment promotion services, including the development and approval of a confidence mark for e-stores in Oman.
Other developments include the digitization of industrial licences in the “Invest Easy” portal and a project for upgrading factories of 4IR technologies, in addition to the launching of 50 new industrial investment opportunities.
These include applying ICV (in-country value added) to the converting industries sector (the second phase), developing the Omani quality excellence trademark, developing the system of authentication in Oman’s markets, generating investment opportunities in conjunction with the “Nazdahir” Programme and drafting a general framework to serve as a comprehensive index of competition in Oman.
The meeting was attended by Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and other officials from in the ministry.
The number of commercial registrations stood at 393,124, up by 15.3 per cent over the number registered in 2021.
This was unveiled by the ministry during its annual media meeting held in Muscat on Monday.
The ministry’s statistics show that 1,600 obtained the Investor Residency Card by March 2023.
The Ministry announced that the name of 'Invest Easy' portal will be changed to 'Oman Business Portal' to cover all electronic services in the commercial business environment. Through this portal, investors can clear all their commercial transactions in accordance with the highest standards endorsed in international websites.
The ministry pointed out that the total number of investment opportunities available through 'Invest Oman Lounge' stood at 38 and that steps are under way to register 9 more opportunities. The lounge presents investment opportunities in all sectors, along with incentives offered to investors, it explained.
The volume of trade exchange between Oman and other countries of the world until December 2022 grew by 41 per cent and accounted for more than RO 40 billion, said the ministry, noting that total merchandise exports stood at more than RO 25 billion (RO 25,255,200,000) by December 2022, according to the ministry.
In its 2022 plan, the ministry focused on projects and businesses that facilitate business practice and boost the private sector’s role in developing the national economy, said the ministry.
Digital transition figured high among the projects, which included the launch of many services like the registration of patents, the establishment of the National Network for the Technology and Innovation Support Centre, which operates alongside all institutions in the government and private sectors, according to the ministry.
The ministry began cutting down the fees charged against foreign investors as part of efforts made by the government to consolidate the investment environment in Oman. These include facilitating procedures for establishing start-ups, offering incentives to encourage stakeholders to establish various projects that back the national economy and enhance economic activity.
The Ministry also started upgrading the Omani quality excellence trademark in a manner that fits with the market situation in the country and meets the best international practices. It also finished drafting the executive framework of the “Omani system for Developing Standard Specifications”.
As part of its 2023 plan, the ministry announced 48 initiatives in commercial and industrial sectors and the protection of competition and prevention of monopoly. It also outlined investment promotion services, including the development and approval of a confidence mark for e-stores in Oman.
Other developments include the digitization of industrial licences in the “Invest Easy” portal and a project for upgrading factories of 4IR technologies, in addition to the launching of 50 new industrial investment opportunities.
These include applying ICV (in-country value added) to the converting industries sector (the second phase), developing the Omani quality excellence trademark, developing the system of authentication in Oman’s markets, generating investment opportunities in conjunction with the “Nazdahir” Programme and drafting a general framework to serve as a comprehensive index of competition in Oman.
The meeting was attended by Qais Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and other officials from in the ministry.