Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is all set to launch the second package of investment opportunities in the industrial sector, that is anticipated to contribute towards attracting investments to the country.
The launch of the second package reflects the objectives of the Industrial Strategy 2040, in cooperation with the Follow-up Unit for the Implementation of the Oman 2040 Vision, the Oman Investment Authority, the Public Establishment for Industrial Estates (Madayn), the Petroleum Development Oman, Nama Holding Group and the Mazoon Dairy Company.
These investment opportunities are launched in line with MoCIIP’s plans to boost the industrial sector country by creating new economically viable opportunities that will help to expand and diversify industrial facilities in the various governorates and raise the contribution of the sector to the gross product of Oman.
The inauguration ceremony of the second package, which will be organized by the Ministry, will be sponsored by His Excellency Qais bin Muhammad Al-Yousef, Minister of Commerce, Industry and Investment Promotion, in the presence of officials in the Ministry and with the participation of a number of ambassadors of Oman and honorary consuls in the countries around the world, businessmen, investors, and representatives from the chambers of commerce and industry in the countries of the Gulf Cooperation Council (GCC).
The National Investment Program was launched on March 2021, with the aim of focusing on enhancing and empowering the role of the private sector in leading economic development by attracting investments, which is one of the objectives of the Tenth Five-Year Plan (2021-2025).
In the first phase, MOCIIP targeted 39 investment projects under the Fast Track Initiative and 27 investment projects were executed at the rate of 100 percent. The total value of these projects was $2,779 billion and represented the sectors of renewable energy, industry, mining, tourism, logistics, and food security.