The Foreign Investment Law promulgated by Royal Decree No 50/2019 is being implemented with the same process as was stipulated in the decree. It has said that it would be implemented six months after the date of its publication in the Official Gazette. The decree has come with the firm belief and confidence that this is the way to build a more dynamic and more open economy.
This openness was meant for taking advantage of others’ capabilities, experiences and technologies in support of the national economy. This is the idea which could promote serious foreign investment in the Sultanate of Oman. For such investments, it was necessary that there should not be any restrictions on capital, except to safeguard the investments of the citizens and so on.
The doors are now wide open for foreign investments in all economic sectors. These avenues have unlimited incentives. Whatever facilities being enjoyed by the people of the country are also available for foreign investors including exemptions from duties, taxes and customs. This equality has removed many obstacles in the way of investments in the country. In the year, all such obstacles have become things of past.
It also means that we are in race against time to attract foreign investments. This requires from all to strengthen the positive side of investments in the country and give incentives to the investors for their contribution to the growth of the national economy and taking it to the level which we dream. The economy we aspire to have should be capable of dealing with the economic changes of the world at all levels. For this, the country can use its formidable resources of all sorts. It can also use its geographic location to add to the facilities it is providing to all projects. This would prove to be added value for the country and its people.
The Ministry of Commerce and Industry and other organisations concerned with the growth of the national economy are making huge efforts so that laws are made which could stimulate investment. There is no doubt that the Royal Decree is a clear indication towards the government’s ambitions. It shows seriousness towards foreign investment. It makes the Sultanate of Oman attractive for foreign investments and where foreign direct investments can be increased. This law also provides employment opportunities for Omanis and avenues to improve the classification of the country in the international index related to investments and its flow.
The ministry is giving lots of freedom including those of financial transactions. It has made sure that there is no hurdle in their work. However, it has not left them without any control and regulations. It has worked with the spirit that there should be guarantees from both sides and ensured that mutual interests are served.
For example, ownership, according to the Foreign Capital Investment Law, can be 100 per cent. They will get preferential treatment according to the feasibility studies presented to the authorities. The law obliges them to respond in a specific period and if they fail it would mean that they agree with the project.
The next stage would demand more openness and encouragement of fair competition. It would serve the national economy and add value to it. The Sultanate of Oman is now fully prepared with all rules and legislations to encourage and protect foreign investments. It is making efforts to serve the investors and make all investment and business related procedures easy.
We are confident that all such efforts would be successful in achieving their ultimate goal and address everybody’s aspirations. This would support the national economy, increase the gross domestic product, and help diversify the economy. This is the investment which actually provides opportunities to our youth. This is a strategic choice before our government.
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