Foreign investment law to create jobs, woo investors to Oman

Muscat: New foreign investment law would provide a conducive environment for investment and make the Sultanate more attractive for local and foreign investments, said Sheikh Hamad bin Jabr Al Mahrouqi, Director General of Planning and Follow Up at the Ministry of Commerce and Industry.
He said that it would also create fresh job opportunities for job-seekers and extend investments to all economic sectors.
The Ministry of Commerce and Industry, in collaboration with the World Bank Group, on Monday organised a seminar to discuss the foreign investment map and the third draft of the foreign investment capital law in the Sultanate.
The seminar, which was attended by a number of representatives of the private sector and NGOs, aims at sharing views and proposals on the foreign investment map and the draft new foreign investment law.
Sheikh Hamad said the ministry had been revising and updating the Foreign Investment Law promulgated by the Royal Decree No. 102/94. To do this, the ministry involved all supportive public and private sector organisations, such as the advocacy and audit firms.
He pointed out that the ministry, in collaboration with the World Bank, completed the third draft of the Omani Foreign Investment Law and the revision of the foreign investment map.
The draft law and the investment map will be discussed tomorrow (Tuesday) with representatives of concerned government agencies.
The opening ceremony was sponsored by Eng. Ahmed bin Hassan Al Dheeb, Undersecretary of the Ministry of Commerce and Industry.