‘Fresh thinking needed to attract investment’
Oman Chamber of Commerce and Industry Chairman Sheikh Said Al Kiyumi called for the reassessment of laws or procedures in order to make it easier for investors to invest in the country
MUSCAT: Attracting investors continues to be a challenge in the Sultanate, according to Sheikh Said Al Kiyumi, Chairman of the Oman Chamber of Commerce and Industry (OCCI).
“We have to think of a new way to attract businessmen… the big ones,” said Al Kiyumi.
“For example, some countries provide investors a national passport if he invests a certain amount of money in the country. Thus, it becomes one of the benefits,” said Al Kiyumi. Oman is blessed with many benefits that it offers to the investors, such as stable laws, national security and inexpensive utilities, he added.
It’s common occurrence when businessmen arrive in the Sultanate and enjoy the many attractive opportunities for investment, only to pull out of a deal due to complicated laws and procedures.
Al Kiyumi called for a reassessment of laws or procedures in order to make it easier for investors to invest in the country.
“Businessmen are finding it difficult and are facing challenges due to such laws and procedures. I suggest we make it easier to attract more investment to help support the economy,” said Al Kiyumi.
“We need to completely reassess our laws and procedures because investing in Oman has many benefits, including stability and security,but we also need a legislative environment for everyday life,” he added. He also advocated giving more benefits to investors who put in massive amounts of capital.
The OCCI head explained that all queries should be answered at one location and it should be possible to carry out investment procedures at a single window to facilitate any investor.
He also said the Sultanate must be able to promote the country using media channels internation- ally, adding that they are active on social media in an effort to promote investors. Those investors would also benefit greatly if procedures and processes can be carried out electronically or online.
“We welcome any ideas from nationals and residents which could be applied to help support the economy,” said Al Kiyumi.
“If the idea is practical and we do, in fact, believe that it will contribute and help the economy, we will work on it and implement it. The person with the idea will receive full credit,” added Al Kiyumi.
Nationals and residents are encouraged to send in their ideas via the OCCI’s social network pages.
International and local investors are set to meet in a forum organised by the OCCI, in collaboration with the General Union of Trade and Commerce, called ‘Invest in Oman Forum.’ It will take place on September 27-28 at the Grand Millennium Hotel, Al Khuwair.
“The forum is aimed at attracting investments and international investors and is in line with the General Union of Arab Chambers’ meeting,” said Al Kiyumi.