With its strategic geographical positioning and favourable investment climate, Oman is an attractive destination for foreign investments, says Eng Redha bin Juma al Saleh, Chairman of the Oman Chamber of Commerce and Industry (OCCI).
Speaking to the Observer, Al Saleh said: “I honestly want to tell the investors to consider the Sultanate of Oman as their investment destination as we are continually working to making it ideal for investment. Besides offering political and economic stability, we are strategically positioned in the best geographical location with easy access to the Gulf and Asian and African markets.” “Additionally, the special law to protect the rights for foreign investors, availability of easy loans with low benefits and convenient repayment periods, and Oman being a member of World Trade Organization (WTO) too is an advantage that we want to share with the investors,” adds Al Saleh.
Oman enjoys Free Trade Agreements (FTA) with various trading blocks and individual nations, thanks to the open free trade and market policy. It offers low customs rates of taxation on many imported products.
About the service charges, the OCCI Chairman said, “We have already made 50 per cent reduction of service charges to those companies who are achieving the target percentage of Omanisation and also 25 per cent for those companies who are Omanised.” The Ministry of Commerce, Industry and Investment Promotion has recently announced some 50 projects and that the charges for those who want to invest in the country in projects are much lesser than the other investors besides the long-time residence permits.
“Oman has a lot of opportunities in the recently announced 50 projects and other projects announced by the other ministries and the returns are good. Projects are ready to be handpicked for investments.” And there are lot of incentives that the government is giving to them in terms of land which is offered at a cheaper price and there are reduced charges for those who want to do set up operations.
