Move to spur growth of Digital FDI in Oman

MUSCAT: An initiative targeting the growth of Digital Foreign Direct Investment in the Sultanate of Oman is expected to be launched soon, according to the Chief of Global Cooperation and Partnerships of the Digital Cooperation Organization (DCO), Michael Grant.

Speaking during a key e-commerce forum held in Muscat recently, Grant unveiled that the Riyadh-based intergovernmental organization, which aims to foster collaboration within the field of digital economy, is piloting the initiative in cooperation with the World Economic Forum in Oman.

“We are particularly excited about piloting DCO’s Digital Foreign Direct Investment Initiative with the World Economic Forum here in Oman. This two-year project aims to create a community of purpose to grow digital FDI in Oman, by first surveying the digital landscape, then by providing advice on what steps to take, and finally, by supporting the implementation of these priority actions by helping to attract the needed investment, this initiative will showcase and celebrate Oman's digital friendly investment climate. Further positioning Oman as a regional e-commerce hub.”

Grant further added: “Oman's digital vision has been made clear with such initiatives as the national plan for e-commerce, a bold undertaking to diversify its economy and stimulate growth, focusing on the important role of SMEs. According to the World Economic Forum, 70 per cent of the world's economic growth will be driven by the digital economy over the next decade. If it isn't clear yet, it should be growth equals digital.”

Founded in 2020 in the Kingdom of Saudi Arabia, the Digital Cooperation Organisation currently groups 16 member states representing a population of 800 million and a combined GDP of $3.5 trillion.

“Our mission is clear to foster collaboration among all stakeholders in DCO’s digital ecosystem to ensure that everyone, our member states and their citizens can fully participate in and reap the benefits from the digital economy,” shared Grant.

Additionally, the Chief of Global Cooperation and Partnerships highlighted the significance of tech diplomacy. “In this endeavour, tech diplomacy enables new modes of cooperation and collaboration between stakeholders, from governments, private entities, civil society, and academia, to leverage digital innovation for inclusive prosperity.”

He added: “This is very much at the heart of DCO’s mandate - collaboration between the public and private sectors is not just beneficial, it's essential for navigating the complexities of our interconnected world.”

According to Dr Ali al Shidhani, Under-Secretary of the Ministry of Transport, Communications, and Information Technology, the value of digital investments in Oman amounted to $2.5 billion in 2023 since the launch of the National Programme of Digital Economy - a programme aimed at increasing the digital economy’s contribution to the local GDP from 2 per cent to 5 per cent in 2030 and 10 per cent in 2040.