The concerned authorities in Oman are actively working to facilitate business operations, aiming to attract both local and foreign investments in the upcoming stage. As 2024 begins, there is optimism that the challenges and bureaucratic hurdles disrupting daily business activities will be resolved.
These authorities are committed to establishing new foundations for business in the country, and the Oman Chamber of Commerce and Industry has recently decided to support government efforts. The Chamber's recent decision to conduct a study on business competitiveness aims to fulfill its role in integrating with the Omani economic system, promoting comprehensive development, and accelerating economic diversification. This study is expected to serve as a reference for various authorities, offering visibility into the challenges faced by merchants in their daily work.
Given the current global circumstances, it is crucial for the country to establish more commercial and industrial projects. Some Arab countries face challenges in establishing projects due to restrictions imposed by Western powers. However, there are now opportunities for collaboration with non-Western countries that are willing to engage in various developmental issues.
Over the next two years, approximately one billion people, including 600 million in emerging markets in Oman’s proximity, will join the world's consumer class. This necessitates a proactive approach from companies to understand and respond to these changes by establishing projects within the country. Oman's strategic location, abundant resources, expertise, leadership, and infrastructure make it an ideal environment for such endeavors.
To tap into global markets, it is essential to assist Omani companies in entering both developed and emerging markets. The goal is to double the value of Omani non-oil exports in the coming years, building on the 2022 achievement of reaching $9.11 billion, a 41% increase over 2021, and spanning more than 130 countries.
Oman's memberships in the World Trade Organization, the Common Market for GCC countries, the Greater Arab Free Trade Agreement (GAFTA), and free trade agreements with various nations position it to export more Omani products and establish joint projects and factories with foreign partners. The success of these endeavors relies on streamlining business facilitation processes, allowing incoming companies to select and employ national and foreign workers based on their needs and working conditions.
Maintaining customs exemptions on the import of industrial machinery and waiving import duties on raw materials for five years from the start of production is crucial. Additionally, efforts should be directed towards strengthening probity in institutions and addressing bureaucracy, fostering an environment where the next generation can work freely and competitively. These measures will support the Omani business community, ensuring continuous production, desired business results, and competitiveness in global markets.
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