FDI soars 26% to RO 4.6 billion in 2023: MOCIIP
The Ministry of Commerce, Industry and Investment Promotion (MOCIIP) highlighted its key achievements during the previous year at the annual media gathering held yesterday in Muscat.
Speaking to the press, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion, Ibtisam bint Ahmed al Faroojiyah, shared that FDI increased exponentially in 2023.
“We witnessed a significant increase in foreign investment in 2023, amounting to approximately RO 4.6 billion, with a growth rate of 26 per cent.
Indeed, in the past year, we were pleased with the participation in several initiatives undertaken by the Ministry In this regard, enhancing this indicator.
One of the most important initiatives was the opening of an investment lounge in Oman aimed at facilitating the inflow of investments to the Sultanate of Oman and also enhancing the investor’s journey.”
According to data released by the Ministry, the total amount reached RO 25.050 billion by Q3 2023 compared to the corresponding quarter of the previous year. In the industrial sector, the volume of FDI amounted to RO 1.406 billion.
Additionally, Al Farooji shared that the Ministry is in the process of finalising a national investment strategy.
“Another important milestone that we have completed is the finalisation of the National Investment Strategy, and in 2024, we will begin its implementation.
Additionally, in 2024, we will also focus on the development of exports through the establishment and inauguration of an Omani
Export Centre.”
Furthermore, Ministry officials revealed that the total trade exchange between Oman and the rest of the world amounted to RO 37.600 billion in 2023.
The total exports of the country amounting to RO 22.690 billion, of which RO 13.760 billion from the oil and gas sector and RO 7.442 billion from the non-oil sector, while the re-export sector contributed to around RO 1.487 billion.
In regards to the industrial sector, MOCIIP revealed that it contributed RO 2.559 billion to the GDP at current prices in September of 2023. Industrial activities accounted for 16.7% to GDP at current prices, while manufacturing industries accounted for approximately 8.1%.
Additionally, officials shared that the investment volume of newly signed industrial project agreements amounted to RO 385 million last year.
Furthermore, the Ministry revealed that it issued 17 decisions and regulations during 2023.
Some of the most notable regulations include the unprecedented regulatory framework for e-commerce, which is part of a larger national E-commerce Strategy, in addition to the online and social media marketing by-laws, which regulate online promotional activities.
Other newly issued regulations included directives to combat hidden trade and the national product identity licensing regulations.
In 2023, the Ministry launched three electronic platforms with the goal of achieving “comprehensive digital transformation and enhancing the investment environment”.
The first was the Oman Business Platform, previously known as Invest Easy, which offers government e-services to entrepreneurs and investors.
The second platform, Maroof, was launched following the release of the E-commerce regulatory framework and aims to provide a database of licenced e-commerce vendors in the country.
The third platform, Hazm, acts as a supervisory system to ensure the compliance of local products with standard specifications and technical regulations.
Looking ahead to 2024, the Ministry shared that it would focus primarily on digital transformation with the goal of converting all its services to online services.
Additionally, the Ministry unveiled a new initiative to address urgent investor concerns.
According to officials, the “Immediate Response Outlet” will be located in the Invest in Oman Lounge and aims to identify challenges faced by investors quickly and intervene directly to address them.