Oman Joins WAIPA to Boost Foreign Investment and Economic Growth

Oman, 23 October, 2024 : Oman has officially joined the World Association of Investment Promotion Agencies (WAIPA), a strategic move to strengthen its global economic presence. This membership aims to leverage international networks to boost foreign direct investment (FDI) across key sectors.

Headquartered in Geneva, WAIPA connects investment promotion agencies worldwide, facilitating collaboration and knowledge sharing to foster sustainable investment and economic development. Through this partnership, Oman will access global resources and expertise, enhancing its investment promotion strategies and attracting high-value projects.

Her Excellency Ibtisam Al Farouji, Undersecretary for Investment Promotion at the Ministry of Commerce, Industry, and Investment Promotion, emphasized that joining WAIPA reflects Oman’s ambition to engage proactively with the global investment community. She highlighted the role of Invest OMAN, the government’s initiative to create an investor-friendly environment, streamline processes, and facilitate large-scale projects.

Oman’s membership in WAIPA aligns with its goals to diversify its economy and position itself as a leading regional hub for trade and investment. The country aims to attract impactful investments that support sustainable development while fostering long-term partnerships.

The Investment Promotion sector within the Ministry of Commerce focuses on attracting major foreign investments, enhancing the business environment, and providing targeted services to investors. Through initiatives like Invest OMAN, which consolidates efforts from 22 public and private entities, Oman aims to convert investment opportunities into sustainable projects, driving economic growth and long-term development.

Source : www.zawya.com