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Observer
21-06-2025
- Business
- Observer
Oman courts global investors at Russia forum
BUSINESS REPORTER ST PETERSBURG, JUNE 21 The Sultanate of Oman, represented by the Ministry of Commerce, Industry and Investment Promotion, concluded its participation in the 28th St. Petersburg International Economic Forum (SPIEF), reaffirming its commitment to global economic dialogue and cross-border investment engagement. Oman spotlighted its integrated business ecosystem and priority sectors under Oman Vision 2040, which aims to foster a resilient and diversified economy. SPIEF 2025 attracted approximately 20,000 participants from 140 countries, maintaining robust international engagement. The Forum featured more than 150 events, ranging from thematic panels and plenary sessions to business breakfasts and bilateral dialogues. High-profile attendees included Russian President Vladimir Putin, Indonesian President Prabowo Subianto, Chinese Vice Premier Ding Xuexiang, Bahraini royal Shaikh Nasser bin Hamad Al Khalifa, and South African Deputy President Paul Mashatile — alongside senior officials from nearly 50 countries, including Vietnam, Saudi Arabia, Iraq, and the Central African Republic. Their presence underscored SPIEF's role as a pivotal platform for fostering multipolar economic cooperation. The Omani delegation was led by Ibtisam bint Ahmed Al Farooji, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, who spearheaded a series of high-level meetings and sector-focused engagements. The delegation's program included participation in key forum sessions, bilateral meetings with institutional investors, and exploratory visits to major corporate pavilions. This year, Oman's focus centered on promoting investment in four high-potential sectors: luxury tourism, logistics, food security, and mining — each aligned with national efforts to position Oman as a competitive and future-ready investment destination. As part of its engagement, Oman organized a dedicated roundtable with leading Russian companies active in these sectors. The session provided a platform to present the Sultanate's competitive advantages, regulatory reforms, and infrastructure readiness, while facilitating direct dialogue with potential investors and strategic partners. 'Oman is focused on high-value investment, enabling enterprise through streamlined digital platforms, and scaling public-private partnerships—an area where we bring over two decades of institutional experience. Our business climate continues to strengthen, supported by policy clarity, legal reform, and competitive market access.' She highlighted Oman's upgraded credit rating by Standard & Poor's in 2024 as a signal of fiscal stability and investor confidence, adding that the Sultanate is actively translating these gains into tangible investment momentum across key sectors—from green hydrogen and advanced manufacturing to integrated tourism and logistics. Trade and economic cooperation between Oman and Russia continues to deepen. As of February 2024, the bilateral trade volume reached RO 30.9 million. Notably, Omani exports to Russia surged from RO 582,602 in 2022 to RO 3.35 million in 2023 — a remarkable 475% increase. Imports from Russia totaled RO 188.4 million, highlighting the scale and diversification of commercial ties between the two countries. Oman's participation in SPIEF 2025 aligns with its broader strategy to enhance investor outreach in key international markets, particularly in Eastern Europe and Central Asia. By leveraging global platforms such as SPIEF, Oman is actively cultivating a network of institutional investors and strategic partners to catalyze sustainable development and high-impact investment. As part of the official business programme, Oman participated in the SPIEF session titled 'Greater Eurasia: Drivers for the Formation of an Integrated Investment Market.' Al Farooji joined global investment leaders to explore policy tools that can accelerate cross-border capital flows. Discussions addressed market integration, institutional readiness, and innovative investment instruments — themes that closely align with Oman's ongoing investment reform agenda.
Times of Oman
15-06-2025
- Business
- Times of Oman
Preparations underway for safe, attractive business during Dhofar Khareef Season 2025
Salalah: The Ministry of Commerce, Industry and Investment Promotion has affirmed the completion of preparations to welcome the Dhofar Khareef season 2025, one of the governorate's most prominent economic and tourism events. This is achieved through a series of inspection campaigns and awareness initiatives, reinforcing ongoing efforts to ensure a sound and secure business environment while stimulating local and foreign investments. Mohammed Khalifa Al Badrani, Director General of Commerce, Industry and Investment Promotion in Dhofar, stated that the Khareef season presents a significant opportunity to revitalize commercial and economic activity in Dhofar. This necessitates intensified oversight of commercial establishments to ensure compliance with legal and professional requirements, as well as educating shop owners on sound business practices that stimulate market activity and safeguard consumer rights. He emphasized the importance of monitoring essential requirements in commercial outlets, such as electronic payment systems, to facilitate service provision for targeted businesses. In a statement to Oman News Agency (ONA), he explained that the Directorate has been conducting comprehensive inspection campaigns for several months, covering markets, commercial complexes, restaurants, hotels, and retail outlets, to verify compliance with health regulations and commercial business laws. He added that the Directorate, in collaboration with relevant authorities, is organizing workshops and awareness sessions for merchants and business owners to promote a culture of compliance and innovation in service delivery, aligning with visitor expectations during the Khareef season. Al Badrani noted that Dhofar Governorate has seen significant growth in the commercial sector, with 718 commercial registrations recorded by the end of Q1 2025, reflecting the sector's vitality and increasing investment interest in the governorate. He highlighted that construction and contracting activities topped the list of the most licensed commercial activities, with a total of 2,100 licenses issued by the end of Q1 2025, compared to 1,274 licenses in 2024—demonstrating the momentum in Dhofar's construction and infrastructure sectors. As for new investments in the governorate, he clarified that the number of new investors in Q1 2025 reached 1,217, with 88 commercial registrations issued, reflecting investor confidence in Dhofar's economic environment. He credited the Directorate's role in facilitating procedures and providing necessary support to investors while working to localize commercial projects that enhance trade and industrial activity across Dhofar's wilayats. Efforts are also underway to integrate industrial cities, free zones, and optimal utilization of Salalah Port to boost commercial activities. Al Badrani pointed out that the number of commercial licenses issued in Q1 2025 reached 9,527, compared to 13,800 in 2024, attributing the decline to the reorganization of certain commercial activities and updated procedures to ensure higher service quality and operational sustainability. In the industrial sector, 1,155 industrial licenses were issued in Q1 2025, compared to 1,742 during the same period in 2024. He affirmed that this year's Khareef season preparations follow an integrated action plan in coordination with Dhofar Municipality, the Royal Oman Police, Oman Chamber of Commerce and Industry, and the Consumer Protection Authority. This collaborative effort aims to provide a secure investment and business environment, enhancing the governorate's appeal as an investment and tourism destination. Al Badrani explained that Dhofar Governorate is intensifying preparations for the Khareef season, which attracts large numbers of visitors and tourists from within and outside Oman. A comprehensive plan ensures the readiness of various service and regulatory sectors, with field teams already conducting fuel station inspections to verify supply availability and equipment safety. Markets are also being monitored to ensure compliance with health and environmental standards, along with the provision of essential goods at reasonable prices. Awareness campaigns targeting merchants and consumers promote safe purchasing practices and deter negative behaviors, while hotlines operate around the clock to receive feedback and inquiries, ensuring swift responses and boosting visitor confidence in services. He added that the Directorate aims to provide consumers and visitors with a comfortable and secure shopping experience by improving sales facilities and strategically distributing commercial activities based on expected demand. All business operators are urged to adhere to legal requirements and approved standards. Concurrently, continuous efforts are being made to educate investors on leveraging the economic opportunities presented by the Khareef season, which directly stimulates commercial and industrial activity while enhancing the governorate's business environment—contributing to local economic growth and elevating services for both citizens and visitors.
The Hindu
11-06-2025
- Business
- The Hindu
Chief Minister lays foundation for development projects in Erode district
Chief Minister M.K. Stalin on Wednesday laid the foundation stone for new infrastructure projects worth ₹159.53 crore during a government function held near the Vijayamangalam toll gate in Perundurai, Erode district. A major highlight of the announcements was the establishment of a common effluent treatment plant (CETP) at the Perundurai SIPCOT Industrial Park, at an estimated cost of ₹136.76 crore. The project, to be executed by the Department of Industries, Investment Promotion, and Commerce, will use Zero Liquid Discharge (ZLD) technology and have a capacity to treat 2,000 kilolitres of effluents per day. The plant will be designed, built, operated, and maintained by a private contractor. In the water resource sector, the Lower Bhavani Dam or the Bhavanisagar Dam located in Sathyamangalam taluk will be renovated and upgraded by the Water Resources Department at an estimated cost of ₹19.89 crore. Other projects announced include, creation of rainwater harvesting and irrigation infrastructure in the Thalavadi Hills region, implemented by the Agriculture and Farmers' Welfare Department, at a cost of ₹1.77 crore and construction of two agricultural storage warehouses and six grain drying yards by the Rural Development and Panchayat Raj Department, with an estimated budget of ₹1.10 crore. Officials said the projects aim to boost industrial sustainability, enhance water management, and support rural agricultural infrastructure.
Zawya
27-05-2025
- Business
- Zawya
Nigeria: NACCIMA president calls for investment agencies' overhaul
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, has called for a comprehensive strengthening of Nigeria's Investment Promotion Agencies (IPAs) to attract quality investments into key sectors of the economy. Oye, who is also the Chairman of the Organized Private Sector of Nigeria (OPSN), emphasized the urgent need to enhance institutional capacity and promote collaboration among federal and state IPAs to unlock Nigeria's vast economic potential. He spoke at the Nigerian Investment Promotion Commission Summit, held in Benin City, Edo State. According to him, 'We are gathered to deliberate on how Investment Promotion Agencies (IPAs) can enhance their institutional capacities and facilitate collaborations that will ultimately attract impactful investments into Nigeria's vital sectors. 'Nigeria's investment landscape presents a complex interplay of both opportunities and challenges. As the largest economy in Africa, endowed with a burgeoning population and an expanding middle class, Nigeria holds immense potential for investors. However, persistent hurdles continue to impede progress. 'Government can implement public-private partnerships to deliver utility infrastructure and ICT investment in these sectors. Examples are investment in agribusiness processing, private transport infrastructure storage, distribution, and export. Targeting sectors which create employment for youth using education and skills acquisition programs is easier than building factories or awarding government contracts. 'More youth will be gainfully employed if investment promotion agencies add Human resources and Skills development as investment opportunities. Areas like ICT, Tourism, Hospitality, Entertainment, Music, Heritage legacy, fashion, Food, the green economy, nature and environment remain underexploited.' Oye continued: 'The security industry is currently dominated by the public sector. Government can consider private sector innovation and investment in specific areas where local technologies and industries can be strategic to Nigeria. Post-analysis of COVID-19 pandemic demonstrated why Nigeria needs indigenous technologies and capacity to survive unexpected shocks. 'IPAs should also embrace investment opportunities arising from the 'Japa Syndrome.' Nigeria cannot influence world events but we can influence how we respond to these events. IPAs can promote investment in medical and health skills training facilities which will train the next generation of professions. The current academic approach is suboptimal. 'We need an industry-led approach to support our current academic endeavours. The consequence and outcome of an industrial approach will lead to manufacturing and industrialisation opportunities in pharmaceuticals, medical tools and equipment, consumer goods and capital goods. Our students should be graduating as employers and industrialists instead of looking for jobs.' On Nigeria's economic opportunities, the NACCIMA boss stated, 'With over 230 million people, Nigeria offers a vast consumer base driven by an increasingly affluent middle class. The question is: why are we not getting more high-impact investments into specific critical sectors in Nigeria? 'Our population is growing but per capita income is dropping. We can see this as a problem or an opportunity to disrupt existing market realities through government deregulation and innovative development policy, which amplifies market and technology opportunities for sectors like healthcare and education. Like China, Nigeria can potentially transform its growing number of impoverished citizens—through private sector-led entrepreneurship programs and skills development training programs for specific sectors. 'These measures are cheaper, faster and target Human resource capacity which will produce a better impact in the long run as newly trained individuals become self-employed and create jobs. This focus is better than the current cash transfers, which apart from too little, create a culture of dependency, without any viable positive impact, in the short and long term. 'Nigeria's economic diversification is actively underway, moving beyond the oil sector. Key areas ripe for investment include: Infrastructure: The government is committed to substantial infrastructural development, presenting opportunities in transportation, including roads, railways, and ports. 'Agribusiness: Agriculture remains a cornerstone of the economy, with ample potential in processing, storage, distribution, and export. 'Information and Communications Technology (ICT): Driven by innovation and a tech-savvy youth demographic, the technology sector is positioned for growth. 'Tourism and Hospitality: With rich cultural diversity, Nigeria's tourism sector is underutilized. By aligning policies with industry insights, we can yield significant employment opportunities and directly address challenges such as youth migration, unemployment and insecurity. 'Solid Minerals: Recent progress in the solid minerals sector has led to revenue increases and substantial foreign interest. With strategic oversight, Nigeria can harness its mineral wealth for national development.' He further noted, 'The Nigerian government has proactively created an investment-friendly environment through initiatives like the Nigerian Investment Promotion Commission (NIPC) and various state-level investment agencies. The government through NIPC and other agencies offers tax incentives, immigration reforms, port reforms, etc., thereby promoting ease of doing business. 'While these incentives and streamlined business processes have made strides in attracting foreign direct investments, agencies such as SON, NAFDAC, and FCCPC must align their operations with these objectives towards supporting the private sector effectively.' According to him, 'A collaborative, multi-tiered approach is essential. By launching state-level investment promotion units and encouraging synergies between federal and state IPAs, we can enhance local insights and strategically attract investments tailored to regional strengths. 'My appeal is that the NIPC and at the States' IPAs level, should collaborate with the various agencies to develop a real-time online Dashboard of various approvals and applications in order to give visibility to other agencies. This simple but crucial step will help at the National and state level, reduce the entanglement of multiple agencies at various levels of government 'Addressing ethical concerns in sectors like cocoa cultivates an environment of accountability and integrity, essential for attracting investments. The NIPC must lead efforts promoting best practices and cooperation between the government and private sector. 'Public investment agencies can forge innovative partnerships to promote public good while minimizing governmental backlash. Strategies may include a.) healthcare initiatives, establishing b.) innovation hubs for entrepreneurship, and addressing societal challenges through c.) public-private partnerships. Collaborating with research firms for d.) data-driven policy and e.) sustainability initiatives will also reinforce growth. 'If the above objectives are achieved through a collaborative effort with the OPSN, the NIPC and OPSN would have created a steady foundation to build up confidence in Nigeria's investment landscape. The OPSN will be ready to commit resources to help the government achieve its investment mandate and economic diversification objectives.' He added, 'In closing, I implore us to reimagine our Investment Promotion Agencies as catalysts for sustainable economic growth, community upliftment, and innovative solutions. The principles of collaboration, technological adaptation, and unwavering commitment to investment environment improvements are universally applicable. 'While Nigeria and Africa face challenges, many solutions stem from our collective actions. Together, we can shape Nigeria into a beacon of quality investments across the continent. Let us unite to strengthen our institutions, develop resilient ecosystems, and tear down barriers to create a welcoming and prosperous investment landscape.'
