MUSCAT: In a significant stride towards fulfilling the goals of Oman Vision 2024, the Oman National Programme for Investment and Exports Development (Nazdaher) announced the successful facilitation of investment opportunities worth an impressive RO 828 million in 2023. This milestone achievement underlines the country's commitment to diversifying its economy and promoting growth in non-oil sectors.
In a post, Nazdaher showcased its achievements and accomplishments for 2023. Nazdaher has played a pivotal role in conducting studies, monitoring projects, and enhancing the investment environment across various sectors such as tourism, mining, sports, energy, culture, logistics, information & communication technology, manufacturing industries, health, and food security. Through its relentless efforts, the program has actively engaged with both local and international investors, showcasing Oman's potential as an attractive investment destination.
One of the key initiatives led by Nazdaher in 2023 was the establishment of several development labs, which have acted as catalysts to stimulate investment in various sectors. As a result, a remarkable total of 37 investment opportunities were developed, promising lucrative returns to those who invest in Oman's future success.
To ensure effective negotiation and engagement with investors, Nazdaher created the National Negotiation Team, responsible for representing the government in negotiations and providing incentives to potential investors. Meanwhile, the Investment Development Team, comprising investment analysts, was set up to empower governmental bodies in achieving sector-specific investment objectives.
Another important aspect of Nazdaher's strategy was the launch of the Invest Oman lounge, operated by the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP). Serving as a dedicated platform to support and guide investors, the lounge has witnessed numerous successful collaborations and transactions.
Nazdaher further augmented its investment ecosystem by implementing the Investment System Platform. This comprehensive monitoring system integrates all investment-related entities across the Sultanate of Oman, ensuring seamless coordination and information sharing among stakeholders. Additionally, the Interactive Investment Map on Invest Oman Platform provides detailed information on geographical coordinates, services, financial criteria, and feasibility studies of various projects, enabling investors to make informed decisions based on comprehensive data.
To propel Oman's foreign trade and enhance international performance, Nazdaher crafted and implemented the Executive Programme for the foreign trade system. This initiative aligns closely with the ambitious targets set by Oman Vision 2040, ensuring that Oman's foreign trade sector exceeds global benchmarks and achieves sustainable growth.
In parallel, Nazdaher introduced a wide range of measures to promote and nurture foreign trade. Through close collaboration with MoCIIP, 14 initiatives were unveiled, focusing on export, import, and re-export domains. These proactive steps fostered fruitful partnerships with local banks and financial institutions, leading to the signing of 14 strategic technical cooperation agreements.
Moreover, Nazdaher addressed critical challenges faced by investors by establishing the fast-track team, operating from the Invest Oman lounge. This dedicated team swiftly addresses concerns and obstacles, ensuring a seamless business experience for investors in Oman.
Nazdaher's tireless efforts also contributed to the mining sector's growth and development. The programme oversaw the signing of 12 pivotal concession agreements, paving the way for strategic advancements in this vital industry. Additionally, cooperation between Nazdaher, the Ministry of Heritage and Tourism, and the Ministry of Housing and Urban Planning ensured efficient allocation of land plots, further supporting investment initiatives.
With a proactive investment marketing approach, Nazdaher engaged in 150 meetings with potential investors, resulting in 39 companies expressing interest in investing in Oman. Furthermore, 14 companies advanced to later stages of negotiation, highlighting the success of the program's targeted methodology. Thirteen letters of investment intent were signed, indicating a promising outlook for the Sultanate of Oman's economic landscape.
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