MUSCAT: The National Investment and Export Development Programme (Nazdaher) revealed its achievements in developing the investment portfolio since its launch in 2021. The Nazdaher programme has successfully achieved several notable accomplishments, including the development of 37 investment projects with a total value of RO 828 million, the activation of specialised teams to support investments in various sectors, the signing of cooperation agreements with local and international companies to enhance exports, and the improvement of the infrastructure for petrochemical and food industries.
The project focuses on achieving several key objectives, including attracting foreign and domestic investments by creating an attractive investment environment in vital sectors such as food industries, petrochemicals, and logistics services. It also aims to develop industrial and commercial sectors by improving the quality of products and services, increasing productivity, and developing Omani exports by supporting local companies to increase their exports through product improvement and providing the necessary facilities to enter global markets.
The project’s implementation is divided into several phases.
The first phase (2021-2023) includes activating specialised teams to support and develop investments, developing a suitable infrastructure for manufacturing and petrochemical industries, and strengthening cooperation with government agencies and large companies. The second phase (2024-2026) includes implementing private sector development strategies in cooperation with international organisations, enhancing economic sustainability by empowering the private sector and improving the business environment, and increasing the competitiveness of Omani exports through trade agreements.
Among other notable achievements is the development of the ‘Ladain’ plastic industries complex, which aims to enhance the production capacity and competitiveness of the plastic industries in Oman. The complex includes several investment projects aimed at improving product quality and increasing productivity, thus strengthening Oman’s position as a regional industrial centre in the field of plastic industries. The value of the investment agreements signed for the ‘Ladain’ plastic industries complex until the second quarter of 2024 reached approximately RO 46.5 million.
The Nazdaher team, in cooperation with the Ministry of Commerce, Industry and Investment Promotion, held a workshop in July 2023 with the participation of 25 parties concerned. The workshop resulted in the development of initiatives in three axes - exports, imports, and re-exports.
In the field of exports, the initiatives include preparing a comprehensive guide for exporters and investors, training and qualifying exporters, and enhancing promotional activities for exporters. It also includes establishing the Oman centre to facilitate the utilisation of export markets to global markets. In the field of imports, the initiatives include reviewing import policies to stimulate the commercial centre and supporting investment to stimulate imports. In the field of re-exports, the initiatives include finding solutions and mechanisms to combat harmful practices in international trade, activating air, sea, and land ports in the Sultanate of Oman to support foreign trade, and governing the economic system of foreign trade.
The programme aims to achieve significant investment goals during the period from 2021 to 2025, as it seeks to attract and develop huge investments in various economic sectors. The programme aims to support and develop investments worth up to RO 11 billion, divided into RO 5 billion that the programme follows directly and RO 6 billion that is followed by the ministries and agencies concerned in the investment sectors. The accuracy of this data is verified periodically with the parties concerned in the investment sectors to ensure the accuracy of the inventory. The investment sectors include health, aviation, transport and logistics, manufacturing industries, mining, food security, tourism, energy, communications and information technology, and sports. This enhances Oman’s competitiveness and increases opportunities for sustainable economic growth.
Despite the challenges facing the project, such as the need for better coordination between government agencies and private companies, improving the regulatory environment to facilitate investment and export procedures, and enhancing the competitiveness of Omani products in global markets, the project remains a golden opportunity to enhance Oman’s position on the global economic map and increase the contribution of non-oil sectors to the national economy.
The unified national promotional identity project represents a strategic step towards achieving Oman Vision 2040, which seeks to build a diversified and sustainable economy. Through this project, the Nazdaher programme hopes to achieve a qualitative leap in the investment and export sectors, thus enhancing Oman’s economic competitiveness at the regional and international levels.
Oman Observer is now on the WhatsApp channel. Click here
