Muscat: As of the end of 2022, as many as 989,960 transactions had been completed through the Invest Easy portal. This is a 23.1% rise from 2021.
The number of business registrations was 393,124, which was 15.3% more than the number of entries in 2021.
This was shown to the public for the first time by the ministry at its annual meeting in Muscat on Monday.
Statistics from the ministry show that 1,600 investor residency cards had been given out by March 2023.
The Ministry said that the name of the “Invest Easy” site will be changed to “Oman Business Portal” to include all electronic business services.
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Investors can make sure that all of their business deals meet the highest standards set by foreign websites by using this portal.
The ministry said that “Invest Oman Lounge” had 38 investment options and that steps were being taken to add nine more. It said that the lounge shows investment possibilities in all fields as well as incentives for investors.
The volume of trade between Oman and the rest of the world grew by 41% and reached more than OMR 40 billion by December 2022, according to the ministry. The ministry also said that the total value of merchandise exports reached more than OMR25 billion (OMR25,255,200,000) by December 2022.
The ministry said that in its plan for 2022, it focused on projects and companies that make it easier to do business and help the private sector play a bigger role in developing the economy as a whole.
The digital transition was a big part of the projects, which included the launch of many services like patent registration and the creation of the National Network for the Technology and Innovation Support Centre, which works with all government and private institutions.
As part of the government’s attempts to make Oman a better place to invest, the ministry started charging foreign investors less money. These include making it easier to start new businesses and giving people benefits to start different projects that help the national economy and increase economic activity.
The Ministry has also started to improve the Omani Quality Excellence brand so that it fits the country’s market and is in line with the best practises around the world. It also ended with a plan for how the “Omani System for Developing Standard Specifications” will work.
As part of its plan for 2023, the ministry announced 48 projects in the commercial and manufacturing sectors, as well as ones to protect competition and stop monopolies. It also talked about services to encourage investment, like making and approving a trust mark for online shops in Oman.
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Aside from the launch of 50 new industrial investment possibilities, other changes include the digitization of industrial licences on the “Invest Easy” portal and a project to update factories with 4IR technologies.
These include applying ICV (in-country value added) to the converting industries sector (the second phase), developing the Omani quality excellence trademark, developing the system of authentication in Oman’s markets, creating investment opportunities with the “Nazdahir” programme, and writing a general framework to serve as a comprehensive index of competition in Oman.
Qais Mohammed Al Yousef, who is the Minister of Commerce, Industry, and Investment Promotion, and other officials from the Ministry were present at the meeting.