OPAZ: Fee reductions for SMEs and stimulating investment environment
Published: 07:07 AM,Jul 04,2023 | EDITED : 11:07 AM,Jul 04,2023
Muscat:The Public Authority for Special Economic Zones and Free Zones (OPAZ) convened a press conference to unveil their momentous decision regarding the delineation of fees for over 80 services provided within their purview.
Notably, the decision entails a significant 50% reduction in fees specifically tailored to accommodate the Small and Medium-sized Enterprises (SMEs). The primary objective of this strategic measure is to invigorate the investment climate, streamline operational procedures, expedite commercial activities, attract foreign investments, and bolster the overall business sector.
Its overarching aim is to enhance the local investment and business environment, foster economic growth, promote economic diversification, and empower SMEs in the Sultanate of Oman. Furthermore, the decision places particular emphasis on simplifying procedures, mitigating operational costs, ensuring transparency in fee determination, and providing comprehensive and accurate information to prospective investors. It seeks to foster integration between investment endeavors and governmental objectives, foster domestic employment, and facilitate the growth and development of SMEs.
In essence, this decision exemplifies OPAZ's unwavering commitment to enhancing the business milieu, fostering sustainable economic growth, promoting economic competitiveness, and supporting the expansion of investments and SMEs within the esteemed special economic zones and free zones.
Dr. Said bin Khalifa Al Quraini as the General Manager of the Investment Development Sector, remains focused on improving the business environment and driving sustainable economic growth. The newly introduced facilities package is a reflection of their commitment to enhancing the competitiveness and value of the zones.
This comprehensive approach is expected to stimulate investment growth and foster the seamless integration of SMEs with the needs of ongoing and future projects. By prioritizing sustainable development in the special economic zones and free zones, OPAZ ensures efficient electronic services, streamlined procedures for registering commercial records, and establishing projects, while also regularly reviewing and improving service fees.
Notably, the decision entails a significant 50% reduction in fees specifically tailored to accommodate the Small and Medium-sized Enterprises (SMEs). The primary objective of this strategic measure is to invigorate the investment climate, streamline operational procedures, expedite commercial activities, attract foreign investments, and bolster the overall business sector.
Its overarching aim is to enhance the local investment and business environment, foster economic growth, promote economic diversification, and empower SMEs in the Sultanate of Oman. Furthermore, the decision places particular emphasis on simplifying procedures, mitigating operational costs, ensuring transparency in fee determination, and providing comprehensive and accurate information to prospective investors. It seeks to foster integration between investment endeavors and governmental objectives, foster domestic employment, and facilitate the growth and development of SMEs.
In essence, this decision exemplifies OPAZ's unwavering commitment to enhancing the business milieu, fostering sustainable economic growth, promoting economic competitiveness, and supporting the expansion of investments and SMEs within the esteemed special economic zones and free zones.
Dr. Said bin Khalifa Al Quraini as the General Manager of the Investment Development Sector, remains focused on improving the business environment and driving sustainable economic growth. The newly introduced facilities package is a reflection of their commitment to enhancing the competitiveness and value of the zones.
This comprehensive approach is expected to stimulate investment growth and foster the seamless integration of SMEs with the needs of ongoing and future projects. By prioritizing sustainable development in the special economic zones and free zones, OPAZ ensures efficient electronic services, streamlined procedures for registering commercial records, and establishing projects, while also regularly reviewing and improving service fees.