The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) held its annual media meeting on Monday and reviewed the achievements of the last year.
Some of the plans for the current year were also revealed, at the meeting that was attended by Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion, Dr. Saleh bin Saeed Masn, Undersecretary for Trade and Industry, Assila bint Salem al Samsamiya, Undersecretary for Investment Promotion, and Mohsin bin Khamis al Balushi, Advisor to the Ministry, and a number of officials in the Ministry.
Key highlights:
The Minister: MOCIIP seeks to empower the private sector to play an active role in supporting economic growth by providing facilities for direct import and export via Omani ports and by providing raw materials for factories and basic foodstuffs.
The Minister: The ministry seeks to develop short and long-term implementation plans, of which 11 initiatives i11 initiatives launched in 2021 have reached the 100 percent implementation rate.
The Minister: 17 opportunities will be launched in the tourism sector, apart from measures to improve the credit rating of the Sultanate and the increase the presence of qualified Omani cadres.
The Minister: The foreign direct investment surged by seven percent in 2021 while the number of commercial registrations grew by 44 percent in the backdrop of new decisions that allowed complete ownership in businesses for foreign investors.
The Minister: The number of investors who obtained an investor residency card since its inception last year reached 270.
More than 176,000 automatic licenses were issued through the Invest Easy portal.
The volume of trade exchange between the Sultanate of Oman and the countries increased by more than 41.7 percent, with the contribution of manufacturing industries to the GDP up by 40.8 percent.
MOCIIP will soon launch an electronic contract documentation service as part of the digitizing services through the Invest Easy portal.
The ministry will launch 41 new initiatives in 2022, including six initiatives in the trade sector.
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