MUSCAT – The Ministry of Commerce, Industry and Investment Promotion today held its annual media briefing during which it announced that the number of cumulative commercial registrations in 2024, compared to 2023 registrations, increased by 13.96 percent to 441,773.
The Ministry noted that, by the end of 2024, the contribution of domestic trade to the Gross Domestic Product (GDP), at current prices, grew by 3.6 percent to more than RO 19 billion. The Ministry pointed out that the volume of foreign direct investment in the Sultanate of Oman exceeded RO 30 billion by the end of 2024, an increase of approximately RO 4.58 billion over the figures of the fourth quarter of 2023.
Meanwhile, the volume of foreign direct investment in the converting industries sector stood at more than RO 2.4 billion, the Ministry observed.
The ministry added that the total volume of trade exchange between the Sultanate of Oman and other countries around the world in 2024 exceeded RO 40.9 billion and that the total commodity exports of Oman reached RO 24.2 billion. The total number of transactions completed through “Oman Business Platform” stood at 827,129 during 2024, up by 15.1 percent as against 2023 figures, said the Ministry, adding that the number of automatic licenses stood 1,164,221 by the end of 2024, thus posting a rise of RO 1 million, since the automatic license system was first introduced in April 2021.
According to the Ministry, Sanad Service Centres completed more than 1.2 million electronic transactions and services in 2024 through its 913 offices in different governorates of Oman. The number of investment opportunities streamlined through “Invest Oman” platform stood at 68, while the total number of investment projects whose applications are being processed through the same platform stood at 90, said the Ministry.
By the end of February 2025, a total of 3,407 investors from more than 60 countries around the world obtained investor residency programme cards.
The media briefing was attended by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion; Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce and Industry; Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Investment Promotion and Pankaj Khimji, Adviser for Foreign Trade and International Cooperation at the Ministry of Commerce, Industry and Investment Promotion.
(Source: ONA)
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