Oman: Ministry of Economy highlights steps to enhance business climate
Muscat: As part of its review of the proposal titled 'Competitiveness and Attractiveness of the Business Environment in the Sultanate of Oman,' the Economic and Financial Committee of the Shura Council hosted on Tuesday Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, along with a number of specialists from the ministry.
The study aims to support economic development efforts, enhance the business environment in line with Oman Vision 2040, attract investment, and diversify sources of national income.
The meeting took place during the Committee's 12th session of the second annual convening (2024–2025) of the Council's tenth term, chaired by Ahmed Said Al-Sharqi, Chairman of the Committee, and attended by members.
At the outset, the Undersecretary delivered a visual presentation covering global economic trends and challenges, as well as the performance of Oman's economy, including growth in both oil and non-oil sectors.
The presentation also highlighted the Ministry of Economy's key efforts to improve the business climate and attract investment, outlining the main challenges facing foreign investment.
The presentation identified the key pillars for enhancing Oman's investment environment, including streamlining procedures, reducing costs, offering flexible and accessible financing options that meet current global developments and investment needs, and introducing government incentives and initiatives that support and encourage investment.
The meeting addressed several core topics, most notably the strategies, plans, and economic policies under the Tenth Five-Year Plan aimed at improving Oman's business environment and boosting competitiveness.
It also reviewed major initiatives and projects driving economic growth and enhancing investment appeal in the Sultanate.
Discussions included the latest statistics and data on Oman's business environment competitiveness in comparison with other GCC and regional countries.
The meeting also touched on current efforts and future plans to strengthen Oman's global investment appeal and create a competitive work environment.
Participants discussed the role of the National Competitiveness Office in improving Oman's rankings in global competitiveness indices, assessing its achievements, and examining its contributions in addressing economic challenges and proposing solutions to improve the national business environment.
The meeting further explored major challenges facing the business environment in Oman, proposed measures to enhance its competitiveness and global appeal, and the ministry's insights regarding the Foreign Capital Investment Law following its implementation.
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).
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