Oman has taken various steps to attract investments: PwC

Muscat: In a new report from PricewaterhouseCoopers said that the Sultanate of Oman has taken various steps to attract Investments.

The report said the new ministerial decision was issued recently by the  Ministry of Commerce, Industry and Investment Promotion  (MoCIIP) to amend certain articles of the Executive Regulations of the Foreign Capital Investment Law (FCIL ER) which became effective from 4 April 2022. We believe that these amendments were introduced to further improve the legislative framework of the FCIL in a way that enables and enhances potential foreign investment opportunities to arise and prosper.

The report also said, back in June 2020, the Ministry of Commerce and Industry, Oman (MOCI) has issued the Executive Regulations of the new FCIL, specifying provisions in relation to registration of the foreign investment projects, license requirements benefits available to specified projects, allocation of and for investment purposes and inspection of the projects by the competent authority.

The report indicated that the decision includes MOCIIP shall authorise individuals, establishments, and companies, inside and outside Oman, to promote investment opportunities, and to attract foreign investors and encourage them to invest in Oman, in accordance with certain rules to be issues via an MD.

This amendment is likely to create vast potential opportunities for foreign investors by extending the role of promoting and attracting foreign investment which was limited to governmental bodies, the PwC report said

The amendments introduced are part of various steps taken by the Government of Oman improve the business climate of the country in order to make it more attractive for foreign investors to come an invest in Oman. This will ultimately contribute in achieving the country’s economic development goals.