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Wealth of Opportunities are Opening up in Multiple Sectors: Highlights Omani Minister

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Wealth of Opportunities are Opening up in Multiple Sectors

With an accelerating economic growth rate indicated by data relating to the major financial indicators of 2021 and till May 2022 published by the Ministry of Finance, Oman is rapidly transforming into a vibrant economy under the leadership of His Majesty Sultan Haitham bin Tarik and opening up floodgates of business opportunities for investors in multiple sectors, highlighted Qais Al Yousef, Minister of Commerce, Industry & Investment Promotion in an exclusive interview with Times of Oman.

The Minister noted, “We are too an important centre for industrial innovation and hi-tech start-ups as well as home to established brands that are enjoyed the world over though perhaps not so familiar to consumers at home.”

“Combine all this with excellent transport links, world-class industrial estates, free zones, deep-water ports, awarding-winning airports and globally ranked broadband and internet infrastructure and I think you begin to have a clear picture of why Oman has a distinct competitive advantage,” he said.

Al Yousef also emphasized that today’s Oman is not only known for its energy sector as it has made steady progress in other areas too. The country’s business-friendly environment can offer great opportunities to investors in multiple sectors including tourism, agriculture, logistics, manufacturing, fisheries, healthcare, education, mining and clean energy sectors, the Minister claimed.

He further added, “Having said that, it is not just the business side of Oman that separates us from other destinations. Our cosmopolitan, vibrant community is reflected in Numbeo’s 2022 Quality of Life Index, which ranked Muscat the number two city in Asia and the Middle East for quality of life and 2nd for safety and security.”

During his interview, Al Yousef stressed the importance of quality of life as one of the most important factors for deciding on investment locations and attracting and retaining talents. He said that his government is well aware of this fact and committed to focusing on quality housing, schools, recreational and cultural amenities and healthcare along with the cost of living, transportation, crime and safety and climate.

The Minister also referred to numbeo, the world’s largest cost of living database and described Oman as one of the most hospitable, transparent and attractive places to live in and carry out businesses. He also said that doing business in Oman is easy and simple.

Al Yousef cited the main purpose of the Ministry of Commerce, Industry & Investment Promotion as attracting the global investment and business community towards the huge opportunities offered by Oman in many sectors including manufacturing, tourism, fisheries, mining, logistics and IT.

The minister also highlighted that Climate Change is on the top of the agenda of Vision 2040 and accordingly the National Energy Strategy is being directed toward renewable energy projects focusing on generating 30% of Oman’s electricity demand through carbon-free clean energy by 2030.

The Minister said, “We also know that when investors look at Oman’s potential they consider our economy, connectivity, infrastructure, access to markets, talent pool and lifestyle offer. But experience has shown us that the deciding factor in investment decisions is how agile and business-friendly we are, and how we turn investor aspirations into reality. So our agility in responding to the new demands of a post-COVID-19 world, removing layers of bureaucracy, for example, will be critical to our continuing and future success.”

“And I am pleased to report the new policies that have been put in place are beginning to pay dividends,” the Minister affirmed.

The Minister also explained how Invest Easy, the online platform managed by his Ministry has helped digitize the registration process for company formation in Oman drastically reducing the time for investor transactions.

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