The Ministry of Commerce, Industry, and Investment Promotion on Monday announced a series of initiatives in the commercial, industrial and investment sectors, including those related to competition protection and anti-monopoly.
This was revealed at the annual media meeting in the presence of Qais bin Mohammed al Yousuf, Minister of Commerce, Industry and Investment Promotion; Dr Saleh bin Said Masan, Under-Secretary for Commerce and Industry, Asila bint Salim al Samsamiyah, Under-Secretary for Investment Promotion and Mohsin bin Khamis al Balushi, Adviser to the ministry.
Promotion Initiative
The ministry unveiled the Global Promotion Initiative, aimed at promoting the Sultanate of Oman as the best global destination for investment and increasing the global market share of non-oil products of Omani origin.
It said that there are many incentives and advantages for investors to invest in the Sultanate of Oman, which include a high-level infrastructure and an interconnected logistical network, simple regulatory frameworks, free trade agreements with many countries, in addition to allowing foreign ownership of companies.
The ministry revealed a 40.8 per cent jump in the contribution of the manufacturing sector to the GDP and a 41.7 percent increase in trade exchanges.
Al Yousuf said that the Sultanate of Oman is ready for various investments with the completion of the infrastructure which stimulates economic growth. The foreign direct investment grew seven per cent, while the number of
new commercial registrations went up by 44.
The government aims to launch the electronic contract documentation service for the first time. Muscat accounted for 40.69 percent of the commercial activity followed by Dhofar.
Al Yousuf said several incentives have been launched to boost the economic activity, including the economic stimulus plan, development program for various governorates, and reduction in fees for work permits among others.
The 17 initiatives of the ministry during the last year were 100 per cent implemented, and some of them have been carried over to the current year.
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