The Minister of Commerce, Industry and Investment Promotion from Oman, HE Qais Mohammed Al Yousef, recently met with top Indian jewellers in Mumbai to discuss opportunities for building a manufacturing hub in Oman. The meeting was part of efforts with the India Gems and Jewellery Council to inform them about the advantages of doing business in Oman and to invite them to take advantage of the government’s offerings. Oman offers competitive advantages in various sectors such as food, fisheries, agriculture, chemicals, and tourism. Additionally, Oman’s strategic location near major shipping lanes and world-class ports provides further benefits for businesses. The country has free trade agreements with GCC nations and other countries, making customs procedures easier and providing access to broader markets.
Oman and India share a historical relationship that dates back 5000 years, paving the way for organic and people-to-people ties. The process of doing business in Oman has been simplified, allowing for remote company establishment. However, the minister emphasized the importance of visiting Oman to explore investment opportunities, including tax-free zones and industrial estates. Businesses are required to add 35 percent in-country value addition under the rule of origin, which is necessary for engaging in trade with Gulf states. The minister also pointed out the residency programme for foreigners who own large land plots.
During the meeting, participants raised questions about the 35 percent value addition requirement, particularly in relation to gold exports. The minister assured them that the matter would be reviewed to clarify any confusion. He also encouraged the Indian jewellery industry to visit Oman’s industrial zones to understand the benefits of setting up factories there. Raw materials can be obtained free of cost for factories, while free zones are ideal for exporting products. Oman’s policy of Omanisation aims to gradually increase the percentage of local workforce in businesses.
The minister highlighted the presence of a national negotiating team and an Invest Oman lounge, which offers a one-stop solution for businesses looking to invest in Oman. The lounge is connected to 15 government entities to provide comprehensive services and address any issues that businesses may face. Ms Mariya Al Hashar discussed the tourism sector’s opportunities, while Abdullah Al Rawahi and Jamil Albalushi also shared their views on enhancing trade between Oman and India. Overall, the meeting aimed to strengthen business ties between the two countries and encourage Indian jewellers to consider investing in Oman’s booming sectors.
