Oman Commerce minister invites Indian jewellers to set up manufacturing hub in Oman 

The delegate proposed several investment benefits such as tax-free zones, strategic location and residency programme 

Mumbai: In a strategic move to boost economic ties, Oman’s Minister of Commerce, Industry, and Investment Promotion, HE Qais Mohammed Al Yousef, met with leading Indian jewellers in Mumbai on Saturday. The meeting was part of an initiative to showcase investment opportunities in Oman and to encourage Indian businesses to consider Oman as a base for their manufacturing operations. 

Addressing the members of the India Gems and Jewellery Council, Minister Al Yousef highlighted the numerous competitive advantages Oman offers across various sectors, including food, fisheries, aquaculture, agriculture, chemicals, metals, and minerals. He also emphasised Oman’s strategic location, with world-class ports such as Duqm, Sohar, and Salalah situated near major shipping lanes and connected by an extensive road network. 

“Oman is in advanced stages of negotiating the India-Oman Comprehensive Economic Partnership Agreement,” Al Yousef said. “Our nation offers a favourable environment for businesses, with free trade agreements (FTAs) with GCC nations and other countries, streamlined customs procedures, and access to broader markets. Recent FTAs with Singapore, Switzerland, and Pakistan will further enhance trade opportunities.” 

He outlined Oman’s advantages in sectors such as food security, mining, logistics, tourism, and manufacturing. The minister assured that the process for establishing a company in Oman has been simplified, with options to complete the setup remotely. He also invited Indian jewellers to explore Oman’s tax-free zones and industrial estates, noting that while a 35% in-country value addition is required, the process is flexible and negotiable. 

Participants raised questions about the 35% value addition requirement, particularly concerning the export of gold, and Al Yousef promised to review the matter. He further detailed that Oman’s policy includes a residency programme for foreigners owning land over 5,000 square feet. 

Encouraging visits to Oman’s industrial zones, Al Yousef pointed out that raw materials could be sourced cost-free, and businesses focusing on exports should consider operating from industrial or economic zones. For local sales from free zones, a 5% customs duty applies. The minister also mentioned the Omanisation policy, which mandates 30-35% local employment but allows for gradual implementation. 

“To support investors, we have established an Invest Oman lounge connected with 15 other government entities to address any issues and provide a one-stop shop for services,” he added. 

The meeting also featured contributions from Ms. Mariya Al Hashar, Tourism Sector Lead at the Oman National Programme for Private Sector and Foreign Trade (Nazdaher), Abdullah Al Rawahi, Section Head of Industry Analysis and Evaluation at the Ministry of Commerce, Industry, and Investment Promotion, and Jamil Albalushi, Consul General of Oman in Mumbai. 
 

Retail Jeweller ME News