Oman’s new incentives bring more FIs, says US

MUSCAT: The Department of International Trade of the US Department of Commerce said that the Sultanate of Oman, under the leadership of His Majesty Sultan Haitham Bin Tarik, is attracting foreign investors by providing incentives like tax benefits, investment permits for new industries, reducing government fees, more land and more access to capital for qualified firms.

In a new report published on its website, it added that the Sultanate also offers special incentives to investors in industrial areas and economic zones, such as the city and port of Duqm, which is the first infrastructure project in the Sultanate, with a free trade zone of 800 square miles and a logistics center.

“Oman is working to diversify its economy, through projects in manufacturing, logistics, tourism, mining and fishing, and the government is also supervising the development of several food-related projects to enhance food security in the long term,” according to the report.

“The United States and Oman share a strong bilateral relationship, based on a shared commitment to the region’s security, stability and prosperity, and in 2009, the two countries signed the Free Trade Agreement (FTA), which eliminated most tariffs, among other things.

“Oman’s strategic location at the crossroads of regional markets, along with its modern and efficient infrastructure and educated workforce, makes it an attractive location for trade and investment by investors in the United States, as there are nearly a hundred American companies that have operations or do business in the Sultanate,” the report concluded.

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