Oman preparing to be investors' destination

2/4/2016 3:54:58 AM

(MENAFN- Muscat Daily) Muscat-

Oman is establishing itself as an ideal destination for ambitious global firms that want to set up and grow their presence in the Gulf and beyond according to Ithraa officials.

Addressing Ithraa's annual press conference on Wednesday H H Sayyid Faisal bin Turki al Said director general of investment promotion Ithraa said 'We have never been more attractive to investors.

At the gateway to the markets of Asia and Africa and with world class infrastructure and multilingual talent pool Oman continues to catch the attention of companies across the globe. 'This year we will be capitalising on Oman's success in manufacturing along with its growing reputation in tourism logistics agriculture and fisheries metals and minerals and food processing sectors. All of these sectors are generating interest among international investors.'

Sayyid Faisal said that falling oil prices slow Chinese economic growth underperforming Euro zone recession in Japan and currency volatility in Latin America present challenges for the international community. Commenting on the new foreign investment law which is being framed he said 'This will help boost investments. The expectations of multinationals and investors should be taken into consideration. Oman believes in open market policy and the new law will ensure that for investors.'

About Oman's non-oil exports Nasima al Balushi director general of export development Ithraa said 'The hard work and commitment of my team and our partners have helped boost Oman's non-oil exports. 'Sultanate has achieved an all-time non-oil exports growth of 8.4 per cent reaching US$10.67bn in 2014 compared to US$9.84bn in 2013. The SMEs have played a critical role in boosting growth.'

She said that Ithraa aims to increase SMEs participation to boost non-oil exports this year. 'The Directorate of Export Development will be devoting more time to increase the number of SME non-oil exporters. 'Ithraa plans to focus on ten sectors and 25 countries in the next five years including Iran UAE Singapore China India and the US.'

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