Speaking a conference recently hosted by KPMG in Muscat, Oman's Minister of Commerce and Industry, Maqbool bin Ali Sultan revealed that the government plans to open the country further to foreign direct investment.
According to the Times of Oman, which reported on the conference, the Minister told attendees that:
"We are luring foreign investors, and the Ministry of Commerce and Industry (MOCI) is for reforms in foreign investment laws as easing of foreign investment regulations will attract a large number of investors and help them explore tremendous opportunities."
He went on to stress the importance of diversifying Oman's primarily oil-reliant economy, and urged KPMG partners to push Oman as an investment location, revealing that the Council of Ministers has followed MOCI's recommendations and allowed 100% foreign ownership of enterprises in several instances.
Maqbool went on to add that:
"Oman's commitment to the WTO has led to further liberalisation of the economy, paving the way for increased opportunities for foreign investments."
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