Monday 16 / September / 2024
MUSCAT: A series of global accolades and recognition of Oman’s growing economy have underlined the progress made by the Sultanate in various sectors, according to Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry & Investment Promotion. Al Yousef’s comments were made during his address to a select gathering of top business leaders from Oman and Saudi Arabia during the inaugural Gulf Business Summit held at Jumeirah Muscat Bay Hotel on Monday night.
Speaking at the event, organised by Gulf Leaders Circle, titled “Building Bridges: Exploring the Economic and Strategic Implications of Saudi Arabia-Oman MoUs and Vision Plans”, Al Yousef hailed the wise leadership of His Majesty Sultan Haitham bin Tarik in steering Oman’s economic growth and social development.
The minister said: “This evening’s event gives me the opportunity to reflect on the elements of leadership in general - clear vision, the ability to inspire and motivate, to guide change and so forth. It gives me the chance to reflect anew on how blessed we are as a nation with the enlightened leadership of His Majesty the Sultan.
“We are fortunate to experience the vibrant energy, the new and renewed Renaissance – Renaissance 2.0 as we at the Ministry of Commerce, Industry & Investment Promotion like to call it - that has emerged under His Majesty’s wise guidance. It is this exemplary leadership that has underpinned the reengineering of our approach to economic growth and social development. And thanks to this new approach, the Sultanate of Oman is now taking centre stage as a magnet for global investment.”
Al Yousef said: “The Gulf Business Summit provided a platform for the most insightful series of discussions by the panelists and speakers on energy, technology and sustainability which are sectors and industries that are at the heart of Oman Vision 2040, our impactful blueprint for sustainable growth and development.”
The Minister said that “in the last 12 months itself, we have received an array of international accolades.”
He added: “Among them are the World Bank’s projection that Oman will have the fastest growing economy in the Gulf in 2023 and the IMF’s prediction that Oman will have the highest economic growth rate in the Arab World in 2024.
“On top of this, Oman has been ranked as the fourth most attractive country for foreign direct investment (FDI) in 2023 in the FDI Standouts Watchlist and most recently, Harvard Business School research has named Oman as the best prospect for spearheading the transition towards ecologically responsible steelmaking.”
Strong figures to back accolades
Al Yousef said: “While accolades are always welcome, Oman has even better strong investment figures to prove the economic growth. At the end of Q1 2023 FDI reached US$55.1 billion, which is a rise by 8.4 percent on the same period in 2022, as investors capitalise on the exceptional competitive offer of Oman’s established and emerging industries – industries like renewables, manufacturing, tourism, mining, IT, agriculture and more. Supporting these investors is our streamlined business infrastructure with its ecosystem of enterprise-driven initiatives.”
Invest Oman Lounge
The Minister said that “complementing these efforts, is the Invest Oman Lounge which facilitates connections with all the resources needed to make investment decisions.”
The Invest Oman Lounge is conveniently located adjacent to Muscat International Airport and the lounge provides “account relationship managers that will take care of their needs.”
He added: “There are 14 government entities present in the lounge and more than 30 investment opportunities linked at the Invest Oman Portal, valued at OMR1.7bn, and including Oman Investment Authority (OIA) linked projects on the portal.
Trade with major markets growing
Al Yousef said: “With Oman-made goods now available in over 130 countries, I am delighted to say that our non-oil exports too are enjoying considerable success. In particular, trade with major markets has grown.
“India is a good example of this, reaching US$2.2 billion in 2022, a jump of 71% from 2021. Exports to Saudi Arabia hit US$2.3 billion, which is up by 41% from 2021 while those to Africa were valued at US$2.6 billion, that is an increase of 302% from 2021.”
The Minister said that one of the key reasons for the success in the export trade has been Oman’s Free Trade Agreements (FTAs) with the U.S., EFTA, and Singapore among others.
He added: “Thanks to our FTA with the U.S., Oman’s non-oil exports to this important market hit a record 10-year high in 2022 with US$260 million in March, US$280 million in August and then $287 million in November.”
Al Yousef said that “GCC are currently negotiating additional FTAs with China, Korea, Pakistan, New Zealand and the UK.”
The Minister congratulated the Muscat Media Group on successfully organising the Gulf Business Summit and wished Global Leaders Circle every success and said: “The launch of the Gulf Leaders Circle publication will surely be of enormous interest and value to the business community.”
