Oman Launches Fast Trach Initiative to Attract Foreign Investments

Oman Launches Fast Trach Initiative to Attract Foreign Investments

Oman’s Ministry of Commerce, Industry, and Investment Promotion has launched the Fast Track initiative to speed up the completion of several investment projects by supporting them.

The initiative is part of the “Invest in Oman” program to improve the business environment and attract foreign investments, the ministry said in a press statement on Saturday.

The program was launched on March 20, 2021 to empower the role of the private sector in leading economic development by attracting investments and supporting the development of exports in foreign markets.

Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry (OCCI) Redha Al Saleh revealed in December plans to establish closed joint-stock companies in Oman’s various governorates to develop the promising economic sectors.

The OCCI is currently working on the necessary studies to establish these companies, he said, noting that some governorates such as al-Buraimi, al-Dhahirah, and Musandam have started establishing joint-stock companies and are currently in advanced stages.